CAIRO: Russia’s decision to suspend flights to Egypt has “no negative impact” on trade volume between the two countries, Egyptian-Russian Business Council Secretary General Alaa Ezz was quoted by the state news agency MENA Tuesday.
“Maritime transport, which has not affected by the Russian airliner crash, accounts for the majority of trade exchange between the two countries,” Ezz said, pointing out that Russia’s decision to ban flights to Egypt only affects the latter’s tourism industry.
The Federation of the Egyptian Chambers of Commerce (FEDCOC) began implementing an integrated program to promote investment through a visit to Moscow and the Russian Port city of Saint Petersburg in March 2016, according to Ezz.
A decree previously signed by Russian President Vladimir Putin has banned all Russian airlines from landing in Egyptian airports in the wake of the crashed Russian A321 aircraft in Sinai Oct. 31.
Bilateral foreign trade volume between Egypt and Russia in 2014 grew by 86% to reach a worth of $5.4 billion, of which exports were limited to $540 million despite increasing to 22 percent, according to the American Chamber of Commerce in Egypt.
More than 3 million Russian tourists visited Egypt in 2014 with 1.7 million visitors over the course of the first seven months of 2015, Tourism Minister Hisham Zaazou stated following the crash.
Russian tourism investments in Egypt reached 2 billion EGP ($250 million) in 2014, he added.