CAIRO - 16 June 2022: Trade and Industry Minister Nevine Gamea said trade cooperation between Egypt and Russia witnessed a tangible progress over the past period with the volume of their trade exchange rising to $4.7 billion in 2021 compared to $4.5 billion the year before.
The minister made the remarks during her participation in St. Petersburg International Economic Forum, according to a press release by the trade ministry.
Russian Trade and Industry Minister Denis Manturov, Egyptian Ambassador in Moscow Naziah Nagari, head of the Egyptian Commercial Representation Service Yahia El Wathik Bellah and head of the Egyptian Exporters Association Mohamed Qassem took part in the forum.
The minister said Egyptian exports to the Russian market increased by 14.7 percent last year to hit $591.7 million against $515.6 million in 2020 while Russian exports to the Egyptian market increased by 3.9 percent to hit $4.178 billion, she added.
This shows a positive development in economic cooperation between the two countries as part of both countries' efforts to recover from the repercussions of the coronavirus pandemic, she added.
She lauded joint efforts to build economic and investment relations that can cope with global economic changes and technological developments.
She expressed the government's welcome of more Russian investments in Egypt, inviting Russian companies and businessmen to set up joint projects and make the best use of available investment privileges and opportunities in the Egyptian market.
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