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Egypt to develop strategic relations with Russia
14.12.2007 17:57
Egypt to develop strategic relations with Russia

Yesterday the Egyptian Minister of Foreign affairs Ahmed Abul Gheit arrived to Moscow for the third round of the bilateral negotiations on the level of Ministers of Foreign Affairs.
      The purpose of the visit is developing the bilateral trade economic relations, which were set in 2005 as the result of the official visit of the Russian president to Cairo.
      Egypt and Russia have started negotiations on the free trade agreement. The two countries are to create a special industrial zone in Egypt, where Russian technologies in auto, equipment and chemistry production are to be used. Egypt has already allotted a one million square meters piece of land for this industrial zone in the town of Borg El Arab. The projects which are to be realized there are to get customs and tax privileges. The products produced in this zone are to be exported to the Arabian and African markets.
      Russian Egyptian relations in energy sphere are developing dynamically, especially in the oil and gas field. The Russian oil company LUKoil is working successfully in Egypt. The Russian company NOVATEK has recently signed an agreement with Egyptian company Sarva for gas development in the town of El Arish.
      Egypt is the first Russian partner among African and Arabian countries. The turnover between our countries has increased from $ 300 million in 2005 and reached $ 1.1 billion in the current year.


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