The 24th St. Petersburg International Economic Forum (SPIEF)
CAIRO - 5 June 2021: The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with the Russian Minister of Trade and Industry H.E. Denis Manturov, to discuss bilateral economic and trade cooperation between Egypt and Russia. This meeting comes within the framework of the multilateral and bilateral meetings that the Ministry of International Cooperation holds with international development partners, with the aim of establishing economic relations between Egypt and other development partners. This meeting is also part of the activities of the 24th St. Petersburg International Economic Forum (SPIEF), which is taking place from June 2 to June 5.
H.E. Al-Mashat reviewed areas of strategic cooperation between Egypt and Russia, such as the Dabaa Nuclear Power Plant project. The meeting also covered the necessary means for enhancing trade volume, and attracting Russian investments in development sectors of cooperation, urging the Russian side to invest in various national projects. The Minister further elaborated by mentioning the Russian Industrial Zone in the Suez Canal Economic Zone, emphasizing the possibility of benefiting from the Egyptian market as the central hub for the Russian products’ entry into Arab and African markets.
This is in addition to the supply of 1,300 train cars between the Egyptian National Railways and the Russian-Hungarian alliance represented by the Russian Transmach Holding Company. They also discussed the importance of negotiations for a free trade agreement between Egypt and the Eurasian Economic Union (EAEU), which will be reflected on the increase of the volume of Egyptian exports to the countries of the Union.
Al-Mashat discussed as well the distinguished trade relations between Egypt and Russia, as the volume of trade exchange reached $3.8 billion in 2019. Egypt is also Russia's top trade partner in Africa. The Minister reiterated that more joint cooperation aiming to strengthen bilateral partnerships and enhance trade and investment is needed; to capitalize on the ongoing portfolio encompassing 472 Russian companies investing in Egypt making up for $1 billion of issued share capital in various fields including tourism, industry, services and petroleum.
They also discussed future areas of common cooperation to implement several joint projects in development sectors such as oil and gas, transportation , infrastructure, energy, mining industries, as well as the construction of silos and development of logistical areas.
The SPIEF, held in St. Petersburg, Russia, is an economic event that takes place on an annual basis since 1997. It has been a leading global platform for the business community to discuss economic challenges faced by Russia, emerging markets, and other countries for the last 24 years.