Russian-Egyptian inter-governmental commission begins work in Cairo

CAIRO, January 31. /TASS/. The joint Russian-Egyptian Commission on Trade, Economic, Scientific and Technical Cooperation is beginning its work in Cairo on Sunday. Its tenth meeting will be held in the Egyptian capital under the guidance of the Russian Industry and Trade Minister Denis Manturov and Egyptian Minister of Industry, Foreign Trade, Small and Medium Enterprises Tarek Kabil. It will last until February 2. Representatives of about 60 Russia’s largest companies interested in the implementation of infrastructure projects in the energy sector, supply of machinery and equipment and transport in Egypt are taking part in it. The two sides are expected to sign a Memorandum of understanding on the establishment of the Russian industrial zone in the area of the Gulf of Suez. They are also expected to sign a memorandum between the Russian Direct Investment Fund (RDIF) and a number of Egyptian commercial banks as part of the project to set up the $5-billion investment fund of Egypt with the participation of the RDIF and the United Arab Emirates. It is planned to use the fund’s investment during the construction of the subway, railways, a logistics center and a tourist complex. Besides, the Russian Direct Investment Fund is interested in investing, together with UAE partners, in the construction of grain elevators in Egypt. The fund’s CEO Kirill Dmitriev earlier said that "currently grain losses in Egypt made up 30%, so the issue was relevant," adding that it would enable the agricultural sector to be much more effective. The fund is also interested in transportation projects, which will help localize Russia’s car production in Egypt. An agreement on establishing the Russian industrial zone in Egypt to implement the project of New Suez Canal and introducing a simplified regime for access of Egyptian goods to the Russian markets was reached in August 2014 during the talks between Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah el-Sisi in the Black Sea resort of Sochi. In particular, it is planned to create the logistics infrastructure for grain storage, taking into account the fact that Egypt is the largest wheat importer. Read more