Sun, 23 Aug 2020 - 02:48 GMT
Exports- Creative Commons via Pixabay
CAIRO – 23 August 2020: Russian direct investments in Egypt have increased in the past few years to reach $7.4 billion during 2020, the Russian ambassador in Cairo, Georgy Borisenko said Sunday.
Borisenko confirmed that Russian companies are interested in enhancing cooperation with Egyptian businessmen in the local market, which he described as very attractive for investment.
He expressed his belief that there are good prospects for increasing the volume of these investments in the coming period, especially in the fields of oil and gas exploration, agriculture, food industries and mechanical engineering.
The Russian ambassador stressed that Egypt and Russia have recently made a great effort to enhance economic cooperation, as trade exchange reached $6.2 billion in 2019, making Moscow one of Egypt's top 10 trading partners.
He referred to the decline in trade exchange between Egypt and Russia due to the coronavirus epidemic, reaching only $1 billion in the first quarter of 2020.
Borisenko explained that the most important Russian exports to Egypt are wheat, minerals, oil and gas, cars and railroad cars, timber, fats and oils, while Egyptian exports to Russia include agricultural products, food and chemical industries.
He explained that the major Russian companies, including " Rosneft", "Lukoil" and the car company "Lada", are operating in the Egyptian market.
“There are many joint projects that constitute a strong incentive to support economic cooperation, as the Russian company "Transmach Holding" began supplying 1,300 vehicles to develop the railway sector in Egypt,” he added.