16 April 2014, 10:58

Russian companies show interest in investing in Egypt

Russian companies show interest in investing in Egypt
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Bilateral cooperation between Russia and Egypt has been hindered by quite a few obstacles recently. Last month the Egyptian-Russian official joint committee meetings took place in Moscow. The key goal was to find ways of tackling the issues in a number of sectors, varying from industry and investment, trade, agricultural commodities, to scientific cooperation and aviation.

Just recently, the Ministry of Foreign Trade and Industry announced that talks on a free trade agreement will be resumed after a three-year hiatus. The establishment of a free trade zone between Egypt and the countries of the Customs Union, including Russia, Belarus and Kazakhstan, was last discussed in Moscow in 2011.

One of the sectors that are seeing productive cooperation between Russia and Egypt is space exploration. This week the Egyptian satellite is expected to be launched from the Baikonur cosmodrome in Kazakhstan, in cooperation with the Russian government, the Russian Federal Space Agency and the Rocket and Space Corporation Energia. Commenting the deal, Hussein al-Shafei, an advisor to the Russian Space Agency in Egypt, said that the step will mark the beginning of cooperation to build a modern government that can capture huge amounts of information through space.

"Egypt will benefit from Egyptian-Russian cooperation in the field of aerospace as it will prompt it to be part of the aerospace industry and will encourage other industries in Egypt to rebuild," Hussein al-Shafei said. "The satellite will provide information technology for the new government, which came after two revolutions, to fully secure borders, redistribute agricultural land and to monitor environmental changes. We are talking now about the biggest leap in the history of Egyptian scientific research," Hussein al-Shafeisaid.

At the end of 2013, total Russian investments in the Egyptian market amounted to around $66 million. The plan is to proceed in this field, as quite a few Russian companies have shown interest in investing in the country.

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