Русский
The value of Russia’s exports to Egypt reached US$5.9 billion in the seven month period January-July this year, an increase of 15.6% year-on-year, according to Roman Chekushov, the Russian Deputy Industry and Trade Minister. He was speaking after talks in Cairo with Mohamed Farid, the Egyptian Industry Minister, Khaled Hashem, the Investment and Foreign Trade Minister, Deputy Foreign Minister Wael Hamed and the chairman of the Federation of Egyptian Industries, Mohamed El-Sewedy.
Chekushov and Farid discussed simplifying procedures in mutual trade, including the possibilities of using electronic document flow in cross-border operations and developing new logistics routes, the press service said. The possibility of a free trade agreement between the Eurasian Economic Union (EAEU) and Egypt was touched upon during the meeting, with Chekushov saying that such a deal would lead to an even greater intensification not only of Russian exports, but also of Egyptian exports to Russia and the EAEU, which also includes fellow Muslim countries Kazakhstan and Kyrgyzstan.
Chekushov also visited the planned Russian Industrial Zone (RIZ) currently being built at Port Said in Egypt, with construction due to start next year with full operations planned to launch by 2030. An initial phase is to be built covering 50 hectares, with 300,000 square meters allocated for immediate early development. Targeted industrial sectors include pharmaceuticals and medical equipment, petrochemistry, polymers, paints, and coatings, mechanical engineering, metallurgy, and metal processing, as well as electrical equipment, radio electronics, and building/thermal insulation materials and food processing – capitalizing on Egyptian hubs for Russian grain.
Egypt is a member of the African Continental Free Trade Agreement and the Greater Arab Free Trade Area giving access to both the Middle East and African markets.
