4.6 bn dollars Trade exchange between Egypt, Russia in 10 months

Trade exchange between Egypt and Russia reached 4.6 billion dollars from January to October 2017, with a 59 percent increase compared to the same period in 2016.

In statements issued on Wednesday, acting Russian trade representative in Cairo Nikolai Aslanov said that Russia’s exports to Egypt recorded 4.2 billion dollars in the first 10 months of 2017.

While Egypt’s exports to Russia amounted to 446 million dollars, with a 33 percent increase, Aslanov said.

Moscow exported wheat worth 1.167 billion dollars to Cairo, he said, noting that wheat represents 28 percent of Russian exports to Egypt.

During his visit to Egypt on December 9 and 10, Russian Deputy Industry and Trade Minister Georgy Kalamanov had consultations with representatives of the Trade and Industry Ministry and the General Authority for the Suez Canal Economic Zone (SCZone) on the draft agreement to establish a Russian industrial zone.

Aslanov said that the Russian side outlined a plan of action to establish the Russian industrial zone, adding that the cost of establishing the first stage of the project amounts to 190 million dollars.

Total investments in the project are estimated at 7 billion dollars and expected to secure more than 35,000 job openings, he added.

As for El Dabaa Nuclear Power Plant, he said Russia will implement the project that will consist of four nuclear power units, each with a capacity of 1,200 megawatts. It will also be responsible for maintenance, the nuclear fuel supply and the used nuclear fuel management, he added.

The first unit of the Dabaa nuclear power plant will be operational by 2026, and the other three by 2028, he stressed. (MENA)