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