FILE- Trade Minister Tarek Kabil
CAIRO – 3 March 2018: Egypt’s exports to Russia increased by 35 percent in 2017, reaching $504.5 million, compared to $374.1 million in 2016, Trade Minister Tarek Kabil said Saturday.
He said that the variety of Egyptian exports has helped in boosting exports to the Russian market.
The minister said that the fact that Egyptian exports to Russia surpassed $500 million is considered a milestone in commercial ties between Egypt and Russia, adding that the free trade zone agreement between Egypt and the Eurasian Economic Union (EAEU) will help in doubling exports to these markets.
Kabil said that bilateral trade between Egypt and Moscow reflects the distinguished economic and political relations between Cairo and Moscow.
Head of the Egyptian Commercial Service Ahmed Antar attributed the rise in exports to Russia last year to an increase in the exports of fruits and vegetables, food products, home appliances and medical industries by 39%, 115%, 600% and 48% respectively.
Antar added that the efforts of Egypt’s commercial service in Russia have helped boost Egyptian exports, saying that the office provided 25,000 export opportunities with $64 million.
In February, Russian trade representative in Cairo Nikolai Aslanov said the volume of trade exchange between Egypt and Russia hiked 62 percent year-on-year in 2017.
In statements to state news agency MENA, Aslanov indicated that Russia’s exports to Egypt in 2017 recorded $6.2 billion, while Moscow’s imports from Cairo were estimated at $505 million, according to the Federal Customs Service of Russia.
These figures are unprecedented in the history of trade relations between the two countries, he said.
Russia’s cumulative investments in Egypt totaled $4.6 billion by the end of December 2017, of which 60 percent was allocated to the petroleum and gas sectors.
The Russian official said that 80 Russian delegations visited Egypt in 2017, compared to 54 similar delegations in 2016, to discuss cooperation in several fields, including the establishment of a Russian industrial zone in Egypt in addition to implementing gas and petroleum projects.