Russian business delegation to visit Egypt May 25
Russian Minister of Industry and Trade Denis Manturov

CAIRO: The biggest Russian business delegation will visit Egypt May 25-26, to discuss ways to promote and diversify bilateral economic relations between the two countries, Russian-Egyptian Business Council said in a statement Thursday.

More than 300 Russian businessmen, headed by Russian Minister of Industry and Trade Denis Manturov will attend the two-day meetings in Cairo, the statement read.

Egyptian Minister of trade and Industry Mounir Fakhry Abdel Nour along with Investment and International Cooperation ministers are expected to attend the meetings.

“Russian and Egyptian businessmen will discuss investment, banking, agriculture, innovation, construction and commercial aviation,” CEO of the joint business council, Mona Khalil, said in the statement.

Khalil added that Russian pharmaceutical companies are interested in opening production lines in Egypt.

During President Abdel Fatah al-Sisi’s first visit to Russia in August, Cairo and Moscow had agreed to establish a Russian industrial zone in Egypt as a part of the Suez Canal Axis project.

Trade volume between the two countries amounted to $5.5 billion in 2014, according to the State Information Service.

Last week, Sisi paid his second visit to Moscow to participate in the celebrations of the 70th anniversary of Russia’s Victory Day per an invitation from the Russian President Vladimir Putin.

Russian investments in Egypt stood at $65.62 million in January 2013, with 383 Russian companies investing in the country. Meanwhile, Egyptian investments in Russia amounted to $13.7 million in December 2012.

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