Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Maeit Expects Increase in Trade Exchange between Cairo, Moscow


Wed 30 Jan 2019 | 03:31 PM
Norhan Mahmoud

By: Menna Seliem

CAIRO, Jan. 30 (SEE)- The Finance minister Mohamed Maeit is expecting increase in trade exchange between Egypt and Russia in the near future, through the Russian industrial zone operation in Suez Canal economic zone.

In special statements to the Russian agency "Sputnik", Maeit said, “We have many fields to cooperate with Russia including the nuclear power plant, and the Russian industrial zone in Suez Canal economic zone.”

The finance minister confirmed that the Egyptian-Russian connections are very strong, and there are many business concerns between the two countries, especially in the industrial sector, and exchanging the agricultural products like fruits, vegetables and wheat.

The volume of trade exchange between Egypt and Russia during the financial year 2017-18 reached about 3.429 billion dollar, which represented 3.9% of total trade exchange.

The director of special projects at the Russian export support center Elia Bumigalov announced the first phase of projects within the Russian industrial zone in Egypt that will be released before 2022.

In May 2018, Russia and Egypt had signed an agreement to establish a Russian industrial zone in the economic zone of the Suez Canal. This project aims to form an industrial group with logistics services, to promote products to the Middle East and the North Africa Markets.