Egypt's unemployment rate falls in Q2 '25 – CAPMAS    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Rachid after closer ties with Russia
Published in Daily News Egypt on 11 - 10 - 2006

Moscow trip enforces economic Eastern-shift policies, seeks progress on FTA
CAIRO: Minister of Foreign Trade and Industry (MFTI) Rachid Mohamed Rachid arrived in Moscow yesterday to begin a three-day visit aimed at boosting bilateral trade and moving forward on free trade agreement (FTA) negotiations.
Rachid s trip comes just one month after a nine-day visit to China and ahead of President Hosni Mubarak s trips next month to both countries. Rachid is one of a handful of ministers in Prime Minister Ahmed Nazif s economic cabinet who have visited or will visit China or Russia in the coming months, including Minister of Investment Mahmoud Moheiddin and Minister of Transportation Mohamed Mansour.
[Egypt wants to] create new trade and investment opportunities by shifting its emphasis from the traditional focus on Western economic partners towards exploring economic opportunities with Egypt s longstanding partners to the East, Rachid said in a statement. The time is now right to take the Egypt-Russia relationship onto a much stronger economic footing. We can be Russia s gateway to the Middle East and North Africa.
In 2005, bilateral trade between the two countries reached $1.1 billion (LE 6.3 billion), lagging far behind China at $2.3 billion (LE 13.2 billion), the United States at $5 billion (LE 28.8 billion) and European Union at $17 billion (LE 97.8 billion). Russia s balance of trade with Egypt puts the latter in a deficit exceeding $1 billion as it imports most prominently mineral fuels, wood, iron and wheat. Conversely, Egypt s exports to Russia, which reached just $77.4 million last year, were mostly made up of fresh fruits and vegetables.
Sherif El-Maghraby, chairman of the Agricultural Export Council, says the balance of trade is not a main concern of this trip.
You re always going to have a surplus or a deficit in favor of one country or another, says El-Maghraby. The most important thing is the growth of trade.
El-Maghraby is a member of the business delegation accompanying Rachid to Moscow. He says he will focus on moving ahead with negotiations to establish a green corridor between the two countries to speed up the release of imports on both sides by placing inspection agents at the ports of departure. For example, if Russian inspectors could clear Egyptian strawberries at Egyptian ports, the highly perishable fruit will be allowed to enter the Russian market upon arrival instead of being held up at the port of arrival.
MFTI has recently created special country desks for China and Russia to boost trade with both countries. Upon arrival from China, Rachid announced an agreement to establish an industrial park to be built in Ismailia exclusively for Chinese manufacturers who wish to come to Egypt. Among the first to be founded under the agreement was an $800 million (approximately LE 4.6 billion) aluminum plant to be established by a Chinese-Egyptian partnership. Citic, China s largest public-sector company with nearly $90 billion in assets will finance 85 percent of the project with a 15 percent contribution coming from Egyptian banks.
The new venture will bring much-needed FDI to Egypt and much needed aluminum to the world s largest consumer. The plant is expected to reach a maximum export production capacity of 270,000 tons per year by 2011, most of which will be sourced to China.
Traditionally, we have not given Russia and China enough effort to reflect their potential and weight, and that s what we are trying to do now, says El-Maghraby.
Among Egyptian products to be promoted in Russia are white goods - major household electrical appliances. Mohamed Fahmy, newly appointed director of the Export Promotion Center (EPC) and head of the China and Russia country desks, says EPC research shows high demand for white goods in Russia as well as a possible niche to be occupied by the Egyptian product. According to MFTI, white good exports to Russia amounted to less than $4 million (LE 23 million) last year. Rachid says among his long term aims is for that number to reach $30-$40 million by 2011.
Our research shows Russia s high demand on white goods, and not just cheap white goods, says Fahmy. We have the capacity and capability to produce high quality products at competitive prices. It just needs a little bit of promotion and marketing.


Clic here to read the story from its source.