Time is ripe for increasing Russian investments

Foreign Minister Sameh Shoukry has asserted that time is ripe now for increasing Russian investments in Egypt in light of the presence of a strong political will and serious desire from Cairo and Moscow to push forward economic cooperation and to cope with the development in political and military relations between the two sides.

The foreign minister's statements came during talks with Russian Minister of Industry and Trade Denis Valentinovich Manturov.

Foreign Ministry spokesman Ahmed Abu Zeid said the Russian minister offered condolences to Egypt at the start of the meeting over the death of a number of Egyptians in a train collision in Alexandria days ago and appreciated Egypt's role in resolving the Middle East conflicts.

The Russian official expressed hope for finding more horizon of cooperation between the two countries with boosting Russia's presence in Egypt's markets to increase Russian investments.

Shoukry expressed hope for increasing economic cooperation and trade movement especially in the gas and oil sectors in a way that copes with the depth of strategic political relations between the two countries, said Abu Zeid.

The Russian minister said he probed the Russian industrial zone projects in the Suez Canal area and that he discussed the project with members of the Eurasian Economic Union.

Shoukry discussed with the Russian minister coordination in international economic gatherings and financing institutions as well as the negotiations of establishing a free trade zone between Egypt and the Union.

The meeting also tackled means to increase cooperation with emerging countries such as members of Brics group which includes Russia, China, Brazil, South Africa and India.

Source : Mena