Russian Minister of Trade and Industry Denis Manturov said on Thursday the federation is studying expanding partnerships with Egypt, especially in manufacturing and assembling vehicles.
Manturov said his country is keen to expand vehicle manufacturing in Egypt through the industrial assembling of Russian cars in Egypt, a statement by the Egyptian trade ministry read.
This comes as Manturov and Egyptian Industry Minister Nevin Gamea wrapped up the 13th session of their joint trade, economic, scientific and technical committee.
Manturov said the outcome of the committee reflects the depth of Egyptian-Russian relations and their importance on the governmental and civil levels.
He said the outcome of this committee also represents an important step toward achieving economic integration and strategic cooperation between the two countries.
Manturov spoke about the under-construction Russian industrial zone in Egypt, saying it represents a significant pillar for enhancing industrial cooperation between the two countries.
This zone will contribute to localising advanced Russian industries in Egypt, attracting further investments from countries of the Eurasian Economic Union and enhancing Russian products’ access to international markets, Manturov said.
During the committee work, the two sides expressed keenness for advancing negotiations on a free trade agreement between Egypt and the countries of the Eurasian Economic Union.
The central banks of both countries expressed willingness to activate their payment cards so that they become available in both countries.
The two banks also discussed linking Egyptian banks to the Russian financial network to facilitate financial transactions.
The Egyptian side during the committee work stressed the preparedness of the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to cooperate with the Russian side to develop small and medium projects in both countries and exchange expertise.
The Egyptian side in this regard, proposed organising joint expos to promote the products of Egyptian and Russian small and micro businesses.
The Egyptian side also expressed the keenness of the Industrial Modernisation Centre of the ministry to organise bilateral commercial delegations between the two countries to explore the Russian market.
The Russian side affirmed the readiness of the Russian-Egyptian Business Council to provide support to the Industrial Modernisation Centre in exchanging commercial delegations between Russia and Egypt.
The two sides also expressed willingness to provide constructive support to the Russian Chamber of Commerce and Industry as well as its Egyptian counterpart with the aim of developing economic cooperation between the two countries.
They highlighted the importance of intensifying cooperation between the two sides of the Russian-Egyptian Business Council to implement projects in various economic and commercial fields.
They agreed on supporting the organisation of the Arabia Expo and the 13th session of the Russian-Arab Business Council scheduled for 2022 in Cairo.