Egyptian Minister of International Cooperation Rania Al-Mashat met Russian Minister of Trade and Industry Denis Manturov to discuss bilateral economic and trade cooperation between Egypt and Russia.
The meeting is part of the multilateral and bilateral meetings that the Ministry of International Cooperation is organizing with international development partners. They take place with the aim of establishing economic relations between Egypt and other development partners.
It is also part of the activities taking place within the framework of the 24th St. Petersburg International Economic Forum (SPIEF), which takes place from June 2-5.
Minister Al-Mashat reviewed areas of strategic cooperation between Egypt and Russia, such as the Dabaa nuclear power plant project. The meeting also focused on the means necessary to increase the volume of trade and attract Russian investment in the development sectors of cooperation.
At the same time, she also urged the Russian side to invest in various national projects, while highlighting the Russian industrial zone in the Suez Canal Economic Zone (SCZone).
The minister highlighted the possibility that Russia could benefit from the Egyptian market as a hub for the entry of Russian products into the Arab and African markets.
This is in addition to the supply of 1,300 wagons to the Egyptian National Railway Authority (ENRA) through a Russian-Hungarian alliance, represented by the Russian company Transmashholding.
The two sides also discussed the importance of negotiations for a free trade agreement between Egypt and the countries of the Eurasian Economic Union (EAEU). This will result in an increase in the volume of Egyptian exports to the countries of the Union.
Minister Al-Mashat also discussed the distinguished trade relationship between Egypt and Russia, with trade volume reaching $ 3.8 billion in 2019.
Egypt is also Russia’s largest trading partner in Africa. The Minister reiterated that further joint cooperation is needed, aimed at strengthening bilateral partnerships and improving trade and investment.
This would capitalize on the ongoing portfolio comprising 472 Russian companies investing in Egypt, representing $ 1 billion of issued share capital in various fields including tourism, industry, services and petroleum.
The two ministers also discussed future areas of joint cooperation to implement several joint projects in development sectors such as: oil and gas; transport; Infrastructure; energy; mining industries; as well as the construction of silos and the development of logistics areas.
SPIEF, held in the Russian city of Saint Petersburg, is an economic event that has taken place annually since 1997. It is a leading global platform for the business community to discuss economic challenges to which Russia, emerging markets, and other countries over the past 24 years.