Egyptian-Russia trade exchange up by 86 pct last year - statement

Monday 24-08-2015 06:07 PM
Egyptian-Russia trade exchange up by 86 pct last year - statement

CAIRO, Aug 24 (Aswat Masriya) - Egyptian-Russian trade exchange rose by 86 percent to reach $5.4 billion in 2014, the Ministry of Trade and Industry said on Monday.

Egypt's President Abdel Fattah al-Sisi is scheduled to visit the Russian capital of Moscow on Tuesday.

Russian exports to Egypt increased by 22.3 percent last year, according to a statement by the Ministry of Trade and Industry. Wheat and petroleum were the top import products from Russia.

Russian investments in Egypt stood at $70 million, the ministry said. Most investments are in the tourism and construction sectors.

Egyptian investments in Russia were meanwhile reported to be worth $9 million.

Egyptian-Russian ties have recently been cosy and the two countries have made agreements earlier this year to cooperate on nuclear and military matters. 

Russian President Valdimir Putin visited Cairo in February, when he invited Sisi to an official visit to Russia.   

Sisi has already visited Russia twice in 2014, once as defence minister in February on a trip that came as follow-up to a visit by Russian defence minister to Cairo in November 2013.   

More recently Sisi visited Russia in August 2014 as president.

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