Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

President Sisi Lauds Historic Egypt-Russia Relations

Sat 18 Jun 2022 | 11:46 AM

On Saturday, Egyptian President Abdel Fattah El-Sisi said that Egypt's participation in the 25th edition of the St. Petersburg International Economic Forum (SPIEF), as a guest country indicates a special level of Russian-Egyptian economic relations that have developed over the past years.

In a word via videoconference at the forum currently being held in Russia from 15-18 June, the Egyptian president said that Egypt being the guest country at the forum’s jubilee is testimony to the distinguished relations between the two nations.

“Egypt and the Russian Federation were involved in implementing mega and promising projects that serve our countries and meet the aspirations of our people to achieve more economic advancements, such as constructing the Dabaa nuclear plant, which is part of the Egyptian state’s strategy to expand in renewable and new energy sources,” El-Sisi said.

The president also highlighted other projects between Russia and Egypt, including the establishment of a Russian industrial zone in the Suez Canal Economic Zone and the cooperation between the two countries in upgrading Egypt’s railway networks.

President El-Sisi also called on companies participating in the SPIEF to seize the huge investment opportunities currently available in Egypt in all fields.

Egypt’s Trade Minister Nevine El-Gamea is heading Egypt’s delegation at the forum. On Thursday, she inaugurated the Egyptian Pavilion at the event.

“The forum is held this year under unprecedented political and economic challenges and circumstances of a strategic nature, and we hope that the forum’s outcomes will contribute to finding effective solutions to these challenges in a way that mitigates the impact of the global economic crisis and its negative repercussions on many countries in the world, especially the economies of developing countries,” the Egyptian president said.

President El-Sisi spoke about the launching of Egypt’s Vision 2030 and how it reflects the country’s long-term strategic plan to achieve the principles and goals of sustainable development with its economic, social and ecological dimensions.

“Based on this vision, the Egyptian government has modernized the legislative structure so Egypt will be able to attract more foreign investments, which has placed Egypt at the top of countries attracting foreign investments in Africa,” El-Sisi said.

The president highlighted that Egypt was one of the few countries in the world to achieve a 3.3 percent growth rate in 2021 despite the pandemic, adding that the Egyptian economy is expected to grow by 5.5% during the current fiscal year, and that the country’s non-oil exports increased during 2021 to $32 billion.

El-Sisi also spoke about the achievements Egypt has made recently as part of its strategy to expand agricultural land and to implement agricultural mega projects, as well as implementing transportation and clean energy mega projects.

He added that the disruption in the movement of civil aviation caused by the pandemic impacted vital areas of the Egyptian economy, at the top of which is tourism and insurance.

The president added that facing the global crises demands international effort and cooperation from all parties to restore normalcy, especially in maritime traffic and the regularity of supply chains of food, including grains and vegetable oils.

“There is a need to work to restore international stability and calm in order to mitigate the effects of this economic crisis on people seeking peace and development,” he said