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Gamea participates in Russia-Africa business dialogue at SPIEF
16 June 2022  -  Organization :  -  Sector/Entity :  -  Category : General

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The event has brought together a host of African ministers of trade and industry, as well as Russian officials concerned.

St. Petersburg- June 16, 2022

Minister of Trade and Industry Nevine Gamea has taken part in the “Russia – Africa” business dialogue, held within the 25th St. Petersburg International Economic Forum and dedicated to cooperation priorities in a changing world.

The event brought together a host of ministers of trade and industry, as well as representatives of public and business communities from both sides. 

“We need to join efforts to advance economic ties between Africa and Russia for the mutual benefit of both sides,” Gamea said, stressing that there is greater potential and wider scope for cooperation between them to increase trade exchange.  

The minister pointed out that boosting mutual cooperation can be achieved through establishing more joint projects and localizing Russian industries in African nations; all while benefiting from Egypt’s location as the continent’s gateway and its vast range of agreements with its markets.

Africa-Russia trade, she added, registered $16.9 billion in 2021, up 21.6% from $13.9 billion a year earlier, while Russian FDIs to Africa grew significantly by 147% to $97 billion; with Egypt maintaining its rank as Africa’s top FDI receiver for the third year in a row at $5.9 billion, that is 53% of the total foreign direct investment flows to northern African countries.

“The Russian Industrial Zone (RIZ) megaproject in Egypt will be a key step towards further deepening investment cooperation between the two nations,” Gamea highlighted.  



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