Russia plans to increase trade turnover with Egypt at least 50% in next 5 years - Trade Minister Manturov

CAIRO, May 26. /TASS/. Russia plans to increase trade turnover with Egypt 1.5-fold in next 5 years, Trade Minister Denis Manturov said Tuesday. "We expect that we’ll be able to surpass the volume of trade of $5.5 bln, which we reached in 2014, at least by 50% in next 5 years," he said. Responding to a question about creating a Russian industrial zone in Egypt near Suez, the Minister said that Russia expects to receive concrete proposals on the establishment of such zones from Egyptian side on the near future. "We are currently studying several options, including taking into account the expansion of the Suez Canal [the official opening of the new channel is scheduled for August 6 - TASS]. It will be industrial zones, which will be provided by the Egyptian side with energy and municipal infrastructure so that in the future companies do not waste time to solve engineering problems. We also plan to establish logistical infrastructure for warehousing and grain storage, given that Egypt is the largest importer of wheat," he said. In addition, according to Manturov, the establishment of a free trade zone with the Eurasian Economic Union was discussed on Tuesday with the President of Egypt Abdel Fattah el-Sisi. "The application for the signing the free trade zone agreement was sent to the Union’s Commission. We are finalizing a similar agreement with Vietnam and are ready to do the same with Egypt, based on the fact that it will be profitable both for Egypt, and the countries of the Union," he said. Read more