The two sides explored means of boosting mutual cooperation
and discussed the latest developments of establishment of the Russian
Industrial Zone project.
Nov 20, 2018
Minister of Trade and Industry Amr Nassar held an extensive
meeting with his Russian counterpart Denis Manturov, during his visit to Russia
to sign the framework document for the negotiations of the FTA between Egypt
and the Eurasian Economic Union (EAEU).
The two sides explored means of boosting mutual cooperation,
as well as enhancing the role of the joint Egyptian-Russian committee for
trade, economic, scientific and technical cooperation which will hold its 12th
session in Cairo in mid-April 2019.
Nassar said that a Russian mission will visit Egypt in
December to participate in the Intra-African Trade Fair 2019, as well as meet
with senior government officials and business leaders to identify the
investment opportunities available in the Russian Industrial Zone (RIZ), to be
established in the Suez Canal region.
The meeting also discussed the latest developments of the RIZ
project, where the two ministers stressed their commitment to take all the necessary
measures to embark on this major venture.
Nassar also expressed the possibility of setting up joint
mining projects with Russia in the country’s Golden Triangle economic zone in
the Eastern Desert, a regional and international promising investment area in
the mining sector.
As far as trade is concerned, Nassar stressed the need to reduce
Egypt’s large trade deficit with Russia; Egyptian exports to the Russian market
amounted to $504.6 million in 2017, while imports registered $6.217 billion, up
34.8% and 64.3% year on year respectively.
Manturov, for his part, noted that the RIZ and the conclusion
of an FTA with the EAEU should make a quantum leap in the economic relations
between Egypt and Russia.
He added that Russia will be an organizer and partner country
of the ARABIA 2019 Global Industrial and Technical Exhibition and Big
Industrial Week forum, to be held in Egypt on October 10-13, 2019.