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Tuesday, 18 May 2021

Egypt is the best gateway to African markets for Russian investments : Minister of Trade and Industry

MENA , Thursday 24 Oct 2019

Minister of Trade and Industry Amr Nassar said Wednesday that the Russian industrial zone in Egypt is the best gateway for Russian investments into the African market.

Nassar’s remarks came during a seminar on boosting industrial cooperation and growth prospects and potentials between Russia and Africa, organized as part of the first Russia-Africa summit, held in the Russian Black Sea port city of Sochi on Wednesday and Tuesday.

The Egyptian minister said that the expansion in establishing Russian special economic zones (SEZs) in African countries can help attract and facilitate foreign investment in the continent, integrate local firms into global value chains, promote export-oriented growth and generate employment. It will also unlock Africa’s commercial potentials regionally and globally, he added.

Amr Nassar also revealed that a number of promising Egyptian-Russian projects are in the pipeline and that he has discussed with the Russian side the final version of their contracts so as to have them signed in the near future.

These include the Russian industrial zone in Suez, the Dabaa nuclear power plant and some railway projects, he told Sputnik on Wednesday on the sidelines of the first Africa-Russia Economic Forum in Sochi.

“Very soon you will be hearing some good news about the industrial zone project,” he promised, saying that the delay in its implementation was due to some unfinished tiny details.

Speaking about reports on Russia’s contribution to building grain silos in Egypt, he said the decision regarding the matter is up to the Russian side. It is up to them to choose the areas in which they want to invest their money, he noted.

He called for increasing the volume of trade exchange between Egypt and Russia, urging the establishment of a joint strategic industrial partnership that is geared towards meeting the needs of the African market.

The seminar discussed means of increasing Russian exports to Africa through Egypt, establishing logistics centers for Russian wheat and other grains in Egypt and prospective Egyptian-Russian investments in African countries in diverse areas including oil, gas, energy, and mining as well as transport, railways and infrastructure. 

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