Russian officials are overseeing $5bn in commercial deals with Egypt according to Russia’s Economic Development Minister Alexei Ulyukayev.

“We have great work to do in solving all impediments to trade and establish an economic free trade agreement between Russia and Egypt,” Ulyukayev said, speaking at the Egypt Economic Development Conference in Sharm el-Sheikh.

Ulyukayev said Russia sees potential in Egypt’s economy and is prepared to work with Cairo on national projects and security issues.

“We look at the Egyptian people as brotherly people,” he said.

Ulyukayev said Russia is closely monitoring more than 250 projects in Egypt and said Russia’s President Vladimir Putin’s official visit to Egypt in February had strengthened bilateral relations between the two countries.

During Putin’s visit Egyptian and Russian officials signed a memorandum of understanding (MoU) committing to build Egypt’s first nuclear power plant, as well as agreements on gas sales.

Military cooperation is also increasing. In September, Russian news agency Interfax reported that Egypt had signed a preliminary arms deal to buy weapons from Russia worth $3.5bn

Speaking at the economic conference, Ulyukayev said trade between the two countries is increasing and more than 3 million Russian tourists visited Egypt in 2014.

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