Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Egypt's SCZONE welcomes Zhejiang Province delegation for trade talks    Beltone Venture Capital partners with Citadel International to manage $30m startup fund    S. Africa to use contingency reserves to tackle debt    Gaza health authorities urge action for cancer, chronic disease patients    Transport Minister discusses progress on supplying new railway carriages with Hungarian company    Egypt's local gold prices see minor rise on April 18th    Expired US license impacts Venezuela crude exports    Taiwan's TSMC profit ups in Q1    Yen Rises, dollar retreats as G7 eyes currency calm    Egypt, Bahrain vow joint action to end Gaza crisis    Egypt looks forward to mobilising sustainable finance for Africa's public health: Finance Minister    Egypt's Ministry of Health initiates 90 free medical convoys    Egypt, Serbia leaders vow to bolster ties, discuss Mideast, Ukraine crises    Singapore leads $5b initiative for Asian climate projects    Karim Gabr inaugurates 7th International Conference of BUE's Faculty of Media    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    Eid in Egypt: A Journey through Time and Tradition    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Tourism Minister inspects Grand Egyptian Museum, Giza Pyramids    Egypt's healthcare sector burgeoning with opportunities for investors – minister    Egypt starts construction of groundwater drinking water stations in South Sudan    Russians in Egypt vote in Presidential Election    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Egypt's powerhouse 'The Tank' Hamed Khallaf secures back-to-back gold at World Cup Weightlifting Championship"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    Egypt builds 8 groundwater stations in S. Sudan    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    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.



Russia and Egypt's hands knotted with military and economic cooperation
Published in Daily News Egypt on 13 - 03 - 2015

In a major symbolic gesture, Russian President Vladimir Putin gifted his Egyptian counterpart, President Abdel Fattah Al-Sisi, a Kalashnikov rifle the moment he touched down in Egyptian territory in February.
Al-Sisi has sought improved relations with Russia, Egypt's second highest weapon provider, since coming to power after the ouster of the Muslim Brotherhood government and former president Mohamed Morsi in July 2013.
After Al-Sisi's two visits to Russia, one in February 2014 whilst still interim defence minister, and another in August after his take-over as President, Putin returned the visit.
Economic relations with Russia are seeing a sharp rise, with Putin announcing the two countries seek to cooperate in the infrastructure, automotives and chemical industries fields. This runs besides strengthening tourism, educational and scientific exchanges, and investing in energy and gas.
Economic cooperation formed the core of talks between the two countries, one month before the Economic Summit. Over 300 Russian companies are operating in Egypt for investment purposes, with bilateral trade between Egypt and Russia registering $4.5bn in 2014, increasing by 50% compared to 2013.
But the major move was cooperation to establish a nuclear power station. The joint project includes the construction of a station, personnel training and provision of equipment to generate electricity.
Al-Sisi and Putin also planned to drop the US dollar exchange in trade between the two countries, to counter the depreciation of the Russian Rouble due to US and EU sanctions.
In another step towards Russian partnerships, Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour visited Moscow in September. He called on Egyptian companies exporting to Russia to establish affiliate offices in Moscow to market their products. Moreover, he assigned the Egyptian embassy's trade office to study expansion in trade centres showcasing Egyptian products.
Military ties continue to expand nevertheless. In his earlier visit in February 2014 in his capacity as defence minister, Al-Sisi and Putin agreed on a $3.5bn deal. The deal will see Russia provide Egypt with MIG-29 fighter jets, Kornet anti-tank missile systems as well as a MI-35 helicopter.
On Wednesday, Defence Minister Sedki Sobhi was in Russia for further military and security cooperation with his Russian counterpart Sergey Shoigu. The ministers agreed to hold a joint naval drill in the Mediterranean Sea in March 2015.
Two days before the military meeting, President Abdel Al- Fattah Al-Sisi met Russian Security Council secretary Nikolai Patrushev.
Ties between the two countries are at their best for the first time in a long period, according to Abdel Qader's analysis.
Egypt is moving towards the East, Russia and China in particular, Abdel Qader said. Opening up to Eastern countries does not mean closing doors in the face of the West, Abdel Qader asserted. "It is part of a consistent strategic plan," he said.


Clic here to read the story from its source.