Russian proposes to create alliance with Egypt for grains silos
Resigned Minister of supply Khaled Hanafy - YOUM7 (Archive)

CAIRO: Trade Representatives of the Russian Federation in Egypt Fedor Lukashin proposed Sunday to establish an alliance with Egypt to build new silos for grain storage, Youm7 reported.

The alliance will be tasked to build the silos in light of implementing the project of Logistic Center for Grains that will be built in Damietta; Russian representative also proposed to cooperate in industry of dairy products.

Lukashin’s proposal came during his meeting Sunday with Egyptian Minister of Supply Khaled Hanafy, calling for signing a cooperation protocol with the ministry in grain fields.

Russian representative stated that Russian-Egyptian meetings will be held in late January in Sharm el Sheikh in the presence of the Russian Minister of Industry.

Egypt is the greatest wheat importer; most of the grain comes from Russia; Egyptian Commodity Supply Authority Spokesperson Mahmoud Diab told The Cairo Post previously that Egypt has 60 silos nationwide for grain storage and 105 barns nationwide.

Egypt is one of the biggest exporter of other agriculture products, especially after the EU agreed July 29, 2014 to impose economic sanctions on Russia for its role in the Ukraine conflict. In a retaliatory step, Putin ordered Aug. 7 a ban on agricultural imports from the EU, France 24 reported.

Russian investments in Egypt amounted to $65.62 million in January 2013 with 383 Russian companies investing in Egypt, according to the Egyptian State Information Service. Egyptian investments in Russia reached to $13.7 million in December 2012.

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