Russia Hopes Trade Volume with Egypt up to $10bn Annually

The Russian-Egyptian Business Council seeks a volume of trade exchange between the two countries worth US$10 billion annually, said chairman Mikhail Orlov on Wednesday.

According to Orlov, Russia’s volume of trade exchange with Egypt currently ranges between US$2-3 billion, targeting a raise to US$10 billion annually.

He further emphasised on the necessity of removing all the administrative obstacles and providing more facilities for Russian investors in order to enter the pharmaceutical and commodity markets in Egypt.

Furthermore, Orlov expressed his appreciation for the warm greetings shown to the Russian Deputy Prime Minister Arkady Dvorkovich during his visit to Egypt.

Dvorkovich is currently presiding over a delegation representing the biggest Russian companies, as a prelude to President Vladmir Putin’s planned visit to Egypt.

The Egyptian party had firmly announced its willingness to increase the volume of trade exchange and investment between the two countries, he added.

Moreover, the Russian chairman said he had held several intensive meetings with a number of Egyptian ministers including of Trade and Industry, Investment, and Supply in addition to local businessmen from various sectors. He also attended the meetings convened between the Russian deputy prime minister and the Egyptian prime minister, aiming to increase volumes of bilateral trade and investment.