Egyptian-Russian relations strategic, example for successful economic cooperation

Minister of Trade and Industry Tarek Qabil asserted that the Egyptian-Russian relations are "strategic and deeply-rooted" in all fields, noting that the two countries have given an example on the successful economic cooperation based on achieving common interests.

The remarks were made by the minister at the joint Egyptian-Russian Business Forum which is held on the fringe of the 10th round of the joint Egyptian-Russia Economic and Technical Cooperation Committee.

Qabil said trade relations between the two countries witnessed a rapid growth over the past phase. The volume of trade exchange between Russian and Egypt increased to dlrs 5.4 in 2014 up from dlrs 2.9 billion in 2013, with 86 percent rise, he added.

The minister called on Russian business sector to pump more investments to the Egyptian market to produce several commodities that could be later exported to a number of African and Arab countries which grant the Egyptian exports custom exemptions.

He also said Egypt is seeking to be a hub for Russian investments in African and the Middle East region in view of an agreement on establishing a Russian industries zone at the Suez Canal Corridor.

Qabil also said the Egyptian and Russian sides are taking serious and tangible steps at the current phase to establish joint investments at the Russian industrial zone, especially in the fields of agriculture, construction, furniture, pharmaceuticals, petrochemicals, land reclamation and energy.

He explained that the Egyptian efforts exerted over the past phase have achieved positive outcome in increasing foreign direct investment (FDI) rates and boosted the Egyptian bourse tradings, a matter which helped in upgrading the economic rating of Egypt by the international credit rating foundations.

He said FDI in Egypt over the fiscal year 2014/2015 hit dlrs 6.4 billion with a growth rate of 4.2 percent.