The Egyptian General Authority for Investment and Free Zones (GAFI) is actively seeking more Russian investment in Egypt and promoting joint projects between the two countries. GAFI aims to facilitate foreign investment flows into Egypt to stimulate economic growth in the North African nation.
According to Hossam Heiba, the CEO of GAFI, Russia already has a significant presence in various industries in Egypt, including food, oil, and engineering. During a press conference, he stated, “Russia is present in many investments in Egypt. They invest in a number of industries, such as food, oil, and engineering.”
In recent years, economic cooperation between Moscow and Cairo has been on the rise. Trade turnover between the two countries reached over $6 billion in 2022, marking a 30% increase compared to the previous year. Russian President Vladimir Putin emphasized the strategic nature of the relationship between the two countries during the Russia-Africa Summit in July. He highlighted the numerous large-scale joint projects between Russia and Egypt.
One prominent venture is the construction of Egypt’s first nuclear power plant at El Dabaa, which is being led by Russian state energy major Rosatom. The facility, equipped with Russia’s advanced VVER-1200 reactors using generation III+ VVER technology, will consist of four units with a capacity of 1,200 MW each. Egypt expects the nuclear power plant to operate at full capacity by 2030.
Furthermore, both Russia and Egypt are collaborating on the establishment of a Russian industrial zone in the Suez Canal area. In addition, there are discussions regarding the possibility of Egypt signing a free trade agreement with the Russia-led Eurasian Economic Union (EEU) in the near future. This potential agreement could bring further diversification to trade between the two nations.
The partnership between Russia and Egypt continues to strengthen, and Moscow’s investments play a vital role in supporting Egypt’s economic growth. GAFI is actively working to attract more Russian investments, foster joint projects, and facilitate foreign investment flows into Egypt. The expansion of economic cooperation between the two countries presents numerous opportunities for both parties, contributing to their shared strategic interests.
In conclusion, Egypt is actively seeking more Russian investment and promoting joint projects to stimulate economic growth. The two countries have already witnessed a significant increase in trade turnover, and they are engaged in large-scale ventures, such as the construction of Egypt’s first nuclear power plant. The establishment of a Russian industrial zone and the potential free trade agreement between Egypt and the EEU further demonstrate the commitment to strengthening economic cooperation. The partnership between Russia and Egypt presents mutually beneficial opportunities and contributes to their shared strategic interests.