The Egyptian Commercial Service (ECS) in Moscow recently held a high-level meeting with Nonna Kagramanyan, Vice President of Business Russia, along with representatives from the association and several major Russian companies, to explore ways to enhance bilateral trade and investment. Kagramanyan underscored the strategic importance of economic relations between Egypt and Russia, noting that many member companies of Business Russia already maintain active partnerships in the Egyptian market. She emphasized the mutual benefits of further cooperation and highlighted the association's role in supporting specialized Russian entities involved in establishing the Russian Industrial Zone in Egypt—a project expected to unlock significant investment opportunities for Russian businesses. Ahmed Shoukry, Minister Plenipotentiary for Commercial Affairs and Head of the ECS in Moscow, provided an overview of Egypt's evolving business climate. He presented key investment opportunities across priority sectors such as renewable energy, water desalination, transportation, and automotive manufacturing. Shoukry also proposed a coordination framework between ECS and Business Russia to facilitate targeted collaboration with member companies. On the sidelines of the meeting, the ECS held direct discussions with several leading Russian firms operating in the iron and steel industry as well as agricultural products, exploring specific avenues for cooperation. Business Russia—established in 2001—is among the country's most influential business associations, representing over 10,000 companies across a wide array of industrial sectors. The organization operates 85 regional offices across the Russian Federation and 28 specialized industrial committees. The meeting comes at a time of growing Egypt–Russia economic ties. Bilateral trade surged by 32% in 2024, exceeding $9bn. Both countries are actively negotiating a free trade agreement between Egypt and the Eurasian Economic Union, and continue to advance the ambitious Russian Industrial Zone project in the Suez Canal Economic Zone, which is expected to attract over $7bn in investments and generate approximately 35,000 jobs. Russia remains a pivotal partner in Egypt's development agenda, particularly through its involvement in major infrastructure projects such as the Dabaa nuclear power plant—financed by a $25bn loan—and the forthcoming industrial zone.
