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More than 40 Russian companies visited Egypt from January to August 2018 to represent more than 70 Russian companies to sign agreements with Cairo.
World - Economy
Russian Trade Representative Nikolai Aslanov stressed that the most important event in the Russian-Egyptian trade and industrial cooperation is the signing of the contract between Egypt and partners from Russia and Hungary for the supply of 1,300 Egyptian national railway trains worth 1 billion euros.
The Russian trade representative explained that this contract is the largest contract in the history of Egyptian railways. The next stage of cooperation in the field of railways includes the establishment of the Russian Transmash Holding Company, a factory that produces 200 passenger cars per year with a domestic production of more than 60%.
He noted that by the end of this year, Russian companies working to modernize iron and steel enterprises, rail infrastructure, automobile production, food processing, wood processing and information technology are expected to visit Egypt for negotiations with Egyptian partners with the support of the Commercial Representation Office Russian Federation in Egypt.
He pointed out that Egypt also received during the period from 2017 to 2018 more than 120 delegations of Russian businessmen to carry out joint projects in the fields of exploration for oil and gas, nuclear power, rail transport, mining and the production of cars and agricultural machinery, construction, medicines and banking services and others, recalling that the largest Russian oil producer Rosneft bought a 30 per cent stake in the concession of the huge Egyptian gas field "back" in the Mediterranean.
He pointed out that the transaction signed by Rosneft, which led to the investment of 1.575 billion US dollars. The company will invest more than $ 2 billion in the field during 2018-2022.
The Russian commercial representative in Egypt said that the Russian company "Lukoil" large oil-producing company operating in Egypt in the last ten years, as the company invests in projects about 70 million US dollars each year.
In addition, the volume of Russian investments in Egypt exceeded $ 5 billion, 60% of which is concentrated in the oil and gas sector. The volume of Russian investments coming in the energy sector in Egypt during the years 2018-2022 is expected to reach $ 4.5-5 billion.
Nikolai Aslanov stressed that Russia and Egypt are working together to establish the Russian industrial zone in East Port Said, where on May 23, 2018, the government agreement on the establishment of the Russian industrial zone was signed.
According to the work plan, the industrial zone will be built on an area of ??5.25 million square meters and will be built in 3 phases. The first phase of the project will start on an area of ??1 million square meters in 2019, giving more than 7,000 new jobs.
The cost of construction work in the first phase is estimated at US $ 190 million. Products will be produced at a total cost of US $ 3.6 billion annually by 2026.
The total Russian investment in the project will be more than US $ 7 billion, and the full implementation of the project could create more than 35,000 jobs.
In the end, Aslanov stressed that Russian companies are keen to participate in the construction projects of the new Egyptian administrative capital, the Damietta furniture city, the establishment of the Russian logistic center in Egypt, the development of grain storage and processing infrastructure, modernization of the railway and the new Cairo metro, For pharmaceuticals, building passenger ships, marine and river, automobile production, and other projects.
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