Investment minister takes part in Egyptian-Russian Business Forum

Investment Minister Ashraf Salman on Tuesday took part in the Egyptian-Russian Business Forum, that was held on the sidelines of the 10th session of the joint Egyptian-Russian economic commission.

The ministers of supply, trade and industry, military production and immigration, along with Russian Minister of Commerce and Industry Denis Manturov also took part in the forum.

During his speech, Salman hailed historical relations between Egypt and Russia, affirming that the two countries aim at boosting mutual cooperation.

The minister briefed the participants on Egypt's current economic indicators.

Salman said that the country's economic growth rate hit 4.2 percent of the GDP during the fiscal year 2014/2015, compared to 2.2 percent in the previous fiscal year.

The net foreign direct investments inflows grew by 56.1 percent in 2014-2015 fiscal year to hit $6.4 billion, compared to $4.1 billion 2013/2014, the minister added.

The unemployment rate in Egypt was reduced to 12.8 percent in 2014/2015, compared to 13.8 percent in 2013/2014, the minister said.

He added that credit rating agencies have upgraded Egypt's credit rating for the first time since the beginning of 2011.

The minister called on Russian companies to pump more investments on the Egyptian market and boost cooperation in various fields, especially the development of Egypt's public sector companies.

Russian Minister of Commerce and Industry Denis Manturov arrived in Cairo on Monday, accompanied by a 60-member delegation of representatives of businesses interested to invest on the Egyptian market.