Russia and Egypt are ramping up economic cooperation after a surge in trade turnover last year, Russian Deputy Prime Minister Denis Manturov, who serves as minister of industry and trade, said on Monday.
Trade turnover jumped to over $6 billion in 2022, marking a 30% increase on the previous year, Manturov said at a meeting of the Russian-Egyptian Commission on Trade during a visit to Cairo.
Economic cooperation between Russia and Egypt has grown despite Ukraine-related Western sanctions on Moscow. Manturov noted that Russia is looking for “continued gradual growth” and expects imports of various products from Egypt to expand, particularly agricultural goods.
Officials also discussed Russian investment in the North African country and the promotion of joint projects, including Egypt’s first nuclear power plant at El Dabaa, which is currently under construction. The establishment of a Russian industrial zone in the Suez Canal area was also on the agenda.
Manturov noted that Egypt could sign a free trade agreement with the Eurasian Economic Union (EEU) in the near future, adding that the move will contribute to further diversification in trade between the countries.
The Russian deputy PM also highlighted the prospects for establishing payments in local currencies in bilateral trade.
“Our finance ministries and central banks are working hard to find the best ways to secure payments for our economic operators, primarily using the currencies of the two countries, as well as friendly countries,” Manturov said.
Moscow is steadily pursuing a policy of de-dollarization in foreign trade. In recent years, Russia and several of its trade partners, including India and China, have ramped up the use of domestic currencies in mutual settlements in an effort to move away from the dollar and euro.