President Vladimir Putin at a press conference after the bilateral talks with the leader of Egypt’s Abdel Fattah al-Sisi told about the agreements reached between the two countries.
Putin said that in 2014 the trade turnover between the countries increased by 86%, but in the first half of this year due to exchange rate differences and unfavorable market conditions it is somewhat decreased and announced steps to stimulate the economy.
“Among the concrete steps to further stimulate the economy , the possible establishment of a free trade zone. free trade zone between Egypt and the Eurasian Economic Union. And the use of national currencies in mutual settlements, promoting investment cooperation and investment flows “, – said Russian President.
The head of state also noted Russia and Egypt have successfully promoted energy projects. He recalled that the country has representative offices Rosneft, Gazprom and Lukoil.
The Egyptian president stressed the need to start practical steps for the establishment of industrial and industrial zone of the Russian Federation in the area of the Suez Canal, and stressed the importance of strengthening relations between the two countries.
“We have agreed on the advisability of increasing the volume of trade, economic and investment relations between the two countries as a strong support for the development and strengthening of long-term strategic relations between Egypt and Russia. I expressed President Putin and his satisfaction with the progress already made in this direction in recent years “- said Abdel Fattah al-Sisi.
The Russian president also noted that a significant contribution to the work on large projects will create joint investment fund with the participation of institutions from Russia, Egypt and the United Arab Emirates .