Cairo witnessed on Tuesday, February 2, 2016 the signing of agreements between Egypt and Russia at the end of the Egyptian-Russian Joint Committee, including agreements for establishing Russian industrial zone in Cairo, which will be established in  east Port Said in  area of 2 million square meters, and the second agreement between the Russian Fund for direct investment and a number of Egyptian banks to find mechanisms to finance Russian projects expected to set up in the region, and the third between the Egyptian and Russian tourism companies. 

This came at the beginning of the forum of the Egyptian-Russian business which was inaugurated by Engineer / Tarek Kabil, Minister of Trade and Industry, and was attended by representatives of 100 Russian companies. The Minister of Trade and Industry stressed that the Egyptian-Russian relations is a successful economic model based on the cooperation in achieving the common interests, pointing to the existence of serious and concrete steps to set up joint ventures in the Russian industrial zone in Egypt, and in a number of sectors such as agricultural and construction equipment, shipbuilding, furniture, pharmaceuticals, petrochemicals, land reclamation and energy projects.

He pointed out that Egypt has taken all necessary steps and issuing the required legislation to create an attractive environment for capital and foreign investment by removing bureaucratic obstacles and facilitating procedures for new companies wishing to work in the Egyptian market.

For his part, Mr. / Ahmed Al Wakil head of the Egyptian side in the Egyptian-Russian Business Council and president of the Egyptian Federation of Chambers of Commerce pointed out that this Russian delegation is the largest one in the history of Russian missions to Egypt, and is a reflection of the growing interest between the two countries, which enhancing the volume of trade exchange and increasing joint investments.

He also called for activating cooperation between the quarantine authorities and  Egyptian,and Russian Customs to push trade exchange agreements, along with the need to accelerate the two countries' governments in signing the free trade agreement between Egypt and the Eurasian Economic Community, which led by Russia.