Russia-Egypt Trade Turnover Reached $3.5Bln in 2016 - Russian Trade Envoy

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Trade turnover between Russia and Egypt reached $3.5 billion in 2016, Russian Trade Representative to Egypt Fedor Lukashin told Sputnik.

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CAIRO (Sputnik) – Russia is one of Egypt’s biggest trade partners among the Eurasian Economic Union (EAEU) member states, more specifically, Russia has the 97-percent share in EAEU export sales to Egypt and 94-percent share in import from Egypt, according to Lukashin.

“The turnover between Russia and Egypt increased by almost 14 percent by December 2016, totaling $3.5 billion over three-month period. Russia’s export grew by 10 percent and the import from Egypt decreased by 10 percent. I hope that we have reached some $4 billion as of the end of the year,” Lukashin said.

Lukashin added that the 11-percent increase of the Russian export over the year’s 11-month period occurred mostly due to the delivery of agricultural raw materials, food and metals.

Lukashin also noted that the export from Egypt had dropped due to the 46-percent decrease in the supply of vegetables.

Moreover, over the past 1.5 years Russian companies invested about $1.5 billion in the development of Egypt's oil and gas sector, Lukashin added.

"The [Russian] trade mission organized a number of talks between Russian oil and gas companies and Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla. The Egyptian oil and gas business needs huge investment and our Egyptian colleagues are interested in visits of potential investors," Lukashin said.

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