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Dr. Rania Al-Mashat discusses strengthening bilateral cooperation with the Russian Minister of Economic Development


Rania Al-Mashat, Minister of International Cooperation, met with Maxim Reshtenkov, Russian Minister of Economic Development, in the presence of Representative Ahmed Samir, Chairman of the Economic Affairs Committee in the House of Representatives, to discuss areas of joint cooperation and mutual relations between the Arab Republic of Egypt and Russia, as part of the activities of its participation in the St. Petersburg International Forum 2021.

 

The St. Petersburg International Economic Forum for 2021 will be held with actual participation this year, after it was canceled last year due to the Corona pandemic; It is considered a leading global platform for discussing the economic challenges facing emerging markets and the world, and trying to find common mechanisms for making decisions that would enhance economic growth.

 

During the meeting, the Minister of International Cooperation discussed, with the Russian Minister of Economic Development, areas of joint cooperation and the ongoing Russian projects in Egypt, as well as discussing possible future aspects of cooperation in the fields of energy, infrastructure, railways, oil and gas, as well as the participation of the Russian side in the national project for silos, which It aims to establish 50 grain storage silos in 17 governorates with a capacity of 1.2 million tons.

 

The two ministers discussed the ongoing negotiations on a free trade agreement between the Arab Republic of Egypt and the Eurasian Economic Union, which could form a link between the union and the continent of Africa in a way that enhances intra-regional trade. Three rounds of negotiations were held regarding the agreement in 2019, and it is scheduled to resume in the coming period. They also discussed the convening of the Egyptian-Russian joint committee headed by the ministers of industry and trade in the two countries.

 

The Egyptian-Russian relations enjoy strong partnerships, and include the fields of tourism, culture, electricity, energy, petroleum and transportation, where Russia is cooperating with Egypt in the implementation of the El-Dabaa nuclear power plant, and through joint projects, more than 1,000 railway vehicles were received, and a 50-year agreement was signed to inaugurate the region. The Russian industrial zone in the Suez Canal economic zone with targeted investments of $7 billion and 35,000 job opportunities.

 

During her meeting, the Minister of International Cooperation stressed Egypt's success in combating the effects of the Corona pandemic, and the continuation of the development efforts made and the steps of economic reform, to build on what was achieved years ago, which prompted international institutions such as the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development to praise With the experience of Egypt, which achieved the highest growth rate of 3.6% during 2020, despite the downturn that affected most of the world’s economies; These rates are expected to increase to about 5.7% during 2022, according to the World Economic Outlook report.

 

The Minister of International Cooperation highlighted the huge national projects that Egypt is embarking on to implement at all levels, including the establishment of new and smart cities, the expansion of sustainable energy projects, and the development of infrastructure and roads, to achieve sustainable economic growth, a flexible recovery and the ability to withstand future shocks.

 

Al-Mashat indicated that one of the main reasons that enabled the government to face the repercussions of the Corona pandemic is the economic reform program that began to be implemented in 2016, which succeeded in restructuring the financial and monetary conditions, enabling the economy to confront the pandemic, and Egypt is moving forward with the second wave of the pandemic. Structural reforms by developing the telecommunications, information technology, agriculture and other sectors that promote economic growth.

 

Al-Mashat talked about the launch of the Ministry of International Cooperation, the three principles of economic diplomacy during 2020, which are the platform for joint coordination, matching development financing with the UN goals for sustainable development, and listing international participation, in order to achieve effective development cooperation and effective partnerships.

 

It is worth noting that Egyptian-Russian relations are considered strategic at all levels, and the comprehensive partnership and strategic cooperation agreement that was signed in Sochi in October 2018, constitutes the basis for strengthening bilateral relations between the two sides and achieving a common interest in supporting economic growth in the two countries.

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