Russias Economic Development Minister says trade between Russia and Egypt is increasing
- Russia oversees $5bn of commercial deals with Egypt
- Delegation from Moscow is attending Egypt Economic Development Conference
- Russia has signed an agreement with Cairo for nuclear power development
Russian officials are overseeing $5bn in commercial deals with Egypt according to Russias 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 Egypts 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 Russias President Vladimir Putins official visit to Egypt in February had strengthened bilateral relations between the two countries.
During Putins visit Egyptian and Russian officials signed a memorandum of understanding (MoU) committing to build Egypts 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.
Follow all the latest news from the Egypt Economic Development Conference
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