Head of REBC lauds economic reforms in Egypt

Shamel Orlov, the chairman of the Russian Egyptian Business Council (REBC) has praised economic reform measures adopted by Cairo, particularly the latest decision to float the Egyptian pound.

Russia had faced the same difficulties in the 90s, Orlov said in statements to MENA Wednesday. 

Orlov is leading a delegation of representatives of 25 Russian companies to Egypt with the aim to get firsthand information about the Egyptian market.

This is the second Russian delegation to Egypt, he said, adding that the first visited the country in May 2015.

The council is acting to boost economic and trade cooperation between Cairo and Moscow, Orlov noted.

He said Egypt and Russia are facing a problem of currency shortage, which took its toll on the level of cooperation between the two sides. 

Establishing a Russian industrial zone in Egypt would be the first step toward enhancing bilateral cooperation, Orlov added. 

He made it clear that it will take some time before Russian investments are pumped into Egypt.

Orlov said he regularly meets with Egyptian and Russian businessmen to encourage them to work together. 

Asked about tourism to Egypt, Orlov said Russians are pressing their government to resume trips to the Arab country, which he called an attractive tourist destination.

Source: MENA