• 07:42
  • Friday ,15 December 2017

Study to establish Egyptian trade hub in Russia set to be complete in two months: Official


Home News


Wednesday ,13 December 2017

Study to establish Egyptian trade hub in Russia set to be complete in two months: Official

The representative of the Egyptian side at the Egyptian-Russian Business Council Alaa Amin said that a feasibility study on establishing an Egyptian trade hub in Russia is set to be complete within two months, state-run MENA news agency reported.

The logistical centre, which was first announced by Egypt s Ministry of Industry and Trade in 2016, is to serve as a hub to sell Egyptian products in Russia in parallel with Egyptian exports to the country.
“The study with the Russian side will include finding the most suitable geographical site to establish the hub in Russia, as well as its planned area and investment expenses,” Amin stated.
"The hub will focus in its first phase on agricultural and food products," he added.
The Federation of Egyptian Chambers of Commerce, as well as companies that export to Russia, is set to finance the construction of the hub, which is expected to double Egyptian exports to Russia upon completion by the end of 2018.
During a visit to Cairo on Monday, Russian President Vladimir Putin said that economic exchange between the two countries has reached more than $4 billion during the past Nine month.
Putin also said that he and Egyptian President Abdel-Fattah El-Sisi agree on the necessity of continuing negotiations on the establishing of a free-trade zone between Egypt and the Russia-led Eurasian Economic Union at the Egyptian Suez Canal Economic Zone.
Egyptian exports to Russia increased to $387.9 million (27.4 percent) year-on-year between January and July of 2017, MENA quoted Egyptian ambassador to Moscow Ehab Nasr as saying during a roundtable held by the Egyptian Businessmen Association on Tuesday.
Russia s exports to Egypt reached $1.978 billion – a 12.2 percent increase – between January and June 2017, compared to $1.763 billion in the same period in 2016.
Wheat made up 33.9 percent of Russian exports to Egypt between January and July at $669.7 million, while petroleum exports made up 12.4 percent of exports at $245.3 million.
Trade between Russia and Egypt increased 32.2 percent year-on-year in the first eight months of 2017, reaching $3.2 billion, according to Reuters.