Egypt, Russia have growing economic ties – Trade min.

Newspaper Title: https://egyptian-gazette.com/

Newspaper Number:

Friday - 17 June 2022

MOSCOW – Egyptian Minister of Trade and Industry Nevine Gamea has stressed that Egypt has growing economic ties with Russia.

The minister’s remarks came on Friday during a meeting with her Russian counterpart Denis Manturov on the sidelines of her participation at the St. Petersburg International Economic Forum.

The meeting was also attended by Egypt’s ambassador in Moscow Nazih el Naggari and a number of diplomats.

Both countries have a remarkable increase in the volume of trade exchange and joint projects, Gamea said, citing a project to establish a Russian industrial zone in Egypt, in addition to having fruitful cooperation in the energy and transportation sectors.

The meeting also stressed the need to increase trade exchange between Cairo and Moscow as Russia is among the key importing countries of Egyptian products, with imports amounting to dlrs 500 million annually, Gamea said.

The meeting also touched upon progress made so far to establish the Russian Industrial Zone (RIZ) and supply 1,300 locomotives to Egypt.

Manturov stressed Russia’s keenness on strengthening trade, industrial and investment cooperation with Egypt and carrying out further new projects in the coming period.