Russia Seeks Trade Volume with Egypt Up to EGP5 billion – Minister

Russia is keen on boosting the volume of trade exchange with Egypt to reach up to US$5 million within the coming period, said Agriculture Minister Nikolai Fyodorov on Wednesday.

On the sidelines of the Egyptian-Russian official joint committee meetings in Moscow, Fyodorov stressed the importance of providing more facilities for both Russian and Egyptian investors in order to launch joint ventures.

Russia is willing to increase efforts to strengthen its bilateral economic, trade and investment cooperation with Egypt, the minister noted.

“There were talks about this (creation of the free trade zone with Egypt) before 2011.. Now we have agreed to resume these negotiations and to discuss sectors of cooperation,” Minister Fydorov said.

Russian firms and institutions are looking forward to making upcoming investments in Egypt whether in forms of establishing a number of joint projects, including supplies of Russian liquefied natural gas (LNG), wheat and other commodities.