Egypt plans to set up logistics center in Russia

CAIRO – 29 November 2017: The Export Development Authority (EDA) has prepared a proposal to set up an Egyptian logistics center in Russia, the authority’s executive director, Sherine el-Shorbagy said in a statement Wednesday.

The EDA is a governmental entity affiliated with Egypt’s Ministry of Trade and Industry, its goal is to boost global Egyptian exports.

In addition to the logistics center, Egypt and Russia are in talks to coordinate a number of various projects, including the establishment of a roll-on roll-off (RORO) line, el-Shorbagy added.

The main goal behind building the logistic center is to eliminate all difficulties that Egyptian products face in the Russian Market.

Egypt and Russia have strong relations in both political and economic areas. They have a number of cooperative projects such as El-Dabaa Nuclear Power Plant in the Egyptian North Coast, at an investment of nearly $30 billion. The contract is expected to be signed by the end of 2017.

Trade between Egypt and Russia rose to about $2.5 billion in the first seven months of the current year, from about $2.2 billion in the same period last year, Trade and Industry Ministry said in a statement in late October.

Egypt’s exports to Russia reached $387.9 million in the first seven months of the year, compared with $304.6 million in the same period last year, which marked a 27.3 percent increase.

Total Russian investments in the Egyptian market are valued at about $62.8 million across 417 projects in various fields, the statement said.

There are plans to build a Russian industrial city in the Suez Canal Economic Zone. The Trade Ministry expects to sign the contract by year-end. It hopes it will attract more than $7 billion in investments.