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Chambers of Commerce launches an initiative to develop Egyptian-Russian economic relations

Al-Arabi: The economic reform program created an attractive environment for regional and foreign investments



Eng. Ibrahim Al-Arabi, President of the General Federation of Chambers of Commerce and President of the Federation of African Chambers of Commerce, Industry and Agriculture launched a multi-point initiative to develop Egyptian-Russian economic relations and transform Egypt into a center for re-exporting Russian products, based on promoting joint manufacturing in existing Egyptian factories with a local component on both sides to meet market needs Local and export to free zone markets, establishing a joint logistics center in Russia and promoting the development of Egyptian exports, whether in terms of quantity or commodity mix, and seeking to speed up the operation of the Russian industrial zone in the Suez Canal axis and maximizing the size of the Egyptian local component to give it the advantages of free trade agreements signed by Egypt with various global markets And endeavoring with the two governments to bring back flying to all Egyptian airports, as well as charter flights, so that the tourism movement would return as it was in the past.


This came during his speech before the Joint Arab-Russian Business Council, which was held virtually in the presence of Bogdanov, Mikhail Leonidovich, Deputy Russian Foreign Minister, Special Envoy of the Russian President to the Middle East, and Sherimin Sergey Yevgenevich, Minister of the Moscow Government, Head of the Department of Foreign Economic and International Relations of the City of Moscow and Dr. Khaled Hanafi, Secretary General of the Federation of Arab Chambers, Gvialva Tatyana Alexandrovna, Director of the Russian-Arab Business Council, Baltonov Valdimir Mikhailovich, President of the Chamber of Commerce and Industry in Moscow, Heba Bahloul, Director General of the Algerian Chamber of Commerce and Industry, and Ajlan bin Abdulaziz Al-Ajlan, Chairman of the Council of Saudi Chambers.


Al-Arabi said that this meeting comes to support not only to support the growing bilateral Egyptian-Russian cooperation, but to include the tripartite cooperation that was called for at the Arab-Russian conference last year, which will achieve economic returns for all parties through the integration of multiple comparative advantages and the elimination of customs and shipping barriers.


He pointed out that Egypt had strived to provide the appropriate economic climate to facilitate and start business through a revolution of economic, legislative and procedural reforms, in which it was able to create an attractive climate for regional and foreign direct investments, as well as providing dozens of industrial, commercial and logistical areas supported by the necessary facilities throughout the republic, as well as It implemented an urgent program to develop and raise the efficiency of the necessary infrastructure, which coincided with the launch of major projects in all fields. Egypt also provided multimodal transport mechanisms to connect them to global markets through modern hub ports, road networks, railways and transcontinental bridges.


It also sought to maximize the size of the market by activating free trade agreements that raised the size of its markets to more than 3 billion consumers in the Arab world, the European Union, Africa, the Mercosur, and the United States, referring to the continuation of serious efforts to complete the free trade agreement with the Euro-Mediterranean Union, as this agreement will constitute a real shift in the volume of relations. Economic between Egypt and the market of the countries of that region.


He emphasized that the Chambers of Commerce federations would harness all available capabilities and mechanisms and increase participation in joint exhibitions and conferences to advance and develop Arab-Russian relations, given the strategic importance of this relationship as it has great historical depth.

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