Trade relations between Russia and Egypt are going to increase in near future due to the functioning of the Russian industrial area in the Suez Canal economic zone, Minister of Finance of Egypt Mohamed Maait told Sputnik
DAVOS (Pakistan Point News / Sputnik - 22nd January, 2019) Trade relations between Russia and Egypt are going to increase in near future due to the functioning of the Russian industrial area in the Suez Canal economic zone, Minister of Finance of Egypt Mohamed Maait told Sputnik.
"I am expecting that in the following period it [trade] will increase. I believe, on technology and renewables. And also, in particular, with the start of operation of the Russian industrial area in the Suez Canal economic zone it will increase fairly," Maait said on the sidelines of World Economic Forum in Davos.
The minister added that there were several areas of cooperation for Russia and Egypt, including a nuclear power technology, fruit and vegetable export from Egypt, wheat import from Russia.
"I believe there are a lot of other types of trade interests between Russia and Egypt. Some of them, of course, on the military side, some on industrial side, so our ties with Russia are very strong," Maait said.
On February 2, 2016, Russia and Egypt signed an agreement to set up the Russian industrial zone near the Suez Canal for the Russian companies oriented toward the markets of Egypt, Africa and the middle East. In May, Moscow and Cairo signed an intergovernmental agreement to establish a Russian industrial zone in Egypt's Port Said near the Suez Canal.
