Egypt Wants Russian Firms To Increase Presence In High Value-Added Industries - Ambassador

Egypt Wants Russian Firms to Increase Presence in High Value-Added Industries - Ambassador

The Russian industrial zone is one of the priorities for Egypt, but there is also a high potential for cooperation in other fields, notably in the energy and IT sectors, Egypt's Ambassador to Russia Ihab Talaat Nasr told Sputnik on Friday.

MOSCOW (Pakistan Point News / Sputnik - 26th October, 2018) The Russian industrial zone is one of the priorities for Egypt, but there is also a high potential for cooperation in other fields, notably in the energy and IT sectors, Egypt's Ambassador to Russia Ihab Talaat Nasr told Sputnik on Friday.

"The Russian industrial zone is one of the top priorities for both countries. But I believe that there is higher potential even in other fields, like energy, for example. Of course, the Russian energy companies are already present in Egypt, but I [hope for] more participation of the Russian companies in more value-added sectors, like petrochemical production, refineries ... We are in contact already with many Russian giants in the energy field. There is huge potential for cooperation in this field. Also the IT � IT is a highly promising field for both countries," Nasr said on the sidelines of the roundtable dedicated to the 75-year anniversary of diplomatic relations between Egypt and Russia that is currently being held in Moscow.

He praised the creation of "extensive, long-standing partnerships, especially in the field of industry" and added that technological and industrial cooperation would allow new jobs to be created and for investments to be attracted.

"The combination of resources can help both countries achieve very good growth rates. Russian industries being localized in Egypt can have much better access to new markets, [which would allow] them to further grow and evolve. And this partnership as well will help creating job opportunities, direct investments in Egypt and vice versa," Nasr said.

In February 2016, Russia and Egypt signed a memorandum to establish a Russian industrial zone in Egypt in order to ensure localization of products manufactured for Africa and middle East. Last March, the Egyptian government approved the creation of the zone. According to Russian Foreign Minister Sergey Lavrov, the process of establishing the zone is underway.

Last week, during a meeting with Egyptian President Abdel Fattah Sisi, Russian leader Vladimir Putin said Moscow and Cairo were planning to attract about $7 billion in investment to the new Russian industrial zone in the Suez Canal area.