Egypt, Russia Probe Ways to Enhance Economic Cooperation

The Minister of Industry and Trade Nevin Gamea announced that the 13th session of the Egyptian-Russian Joint Ministerial Committee for Trade, Economic, Scientific and Technical Cooperation will held  in the Russian capital, Moscow, next November.

Gamea noted that the committee aims to strengthen joint cooperation between the two countries in various fields, including trade, finance, industry, investment, energy, education, agriculture, telecommunications, information technology (IT), health, transportation and tourism.

This came during an expanded meeting on Sunday held by the Minister with Georgy Borisenko Russian ambassador to Egypt and his accompanying delegation. 

The minister stressed the importance of benefiting from the distinguished relations that bind the two countries in boosting economic relations, especially at the commercial and industrial levels, for the benefit of both Egyptian and Russian citizens.

She pointed out that Russia is one of the most important economic partners of Egypt at the global level, especially in the industrial field, noting the importance of benefiting from Russian industrial expertise in the development of the Egyptian industry through the transfer of advanced technological expertise to the Egyptian industry.

Gamea explained that the meeting reviewed the latest developments in the establishment of the Russian Industrial Zone in Egypt, which makes Egypt a focal point for the launch of Russian products to various global markets, especially the Middle East and Africa, noting that 32 Russian companies have announced their desire to establish projects in the region where it is planned to start work in the region. Early next year and the start of actual production in 2022.

Gamea indicated that the discussions also dealt with the desire of the Russian side to enhance joint cooperation with Egypt in the field of confronting the coronavirus by using the Russian vaccine to treat confirmed cases, as well as studying the production of the vaccine in Egypt in cooperation with Egyptian pharmaceutical companies.

The minister added that the resumption of direct flights between Cairo and Moscow contributes to the return of all economic activities between the two countries in a way that contributes to strengthening the joint economic cooperation.

She added that Egyptian exports to the Russian market achieved during the first half of this year an increase of about 10.7%, recording $382 million compared to $345 million, year-on-year.

On his part, Borisenko expressed his country's keenness to enhance joint cooperation with Egypt in various fields, especially the economic one, pointing to the importance of resuming industrial cooperation, which began more than 50 years ago.

Moreover, the Russian ambassador indicated that a high-level Russian delegation will soon visit Cairo to review the project of establishing a Russian industrial zone in Egypt's Suez Canal Economic Zone (SCZone) in preparation for its inauguration in the near future.