Professor of International Economics, Karim El-Omda, affirmed that economic cooperation between Egypt and Russia is beneficial to the African continent in general, not just Egypt, explaining that Egypt will become a gateway for Russian products to the brown continent.
The mayor added, in exclusive statements to RT, that the city of the sun, the Russian industry in Egypt, is the largest industrial city for Russia outside its territory, and it will open the field and export to African countries, by benefiting from the African Free Trade Zone, so that Russia can export to all African countries.
The professor of international economics pointed out that the volume of trade between Russia and Africa is on the rise and is constantly increasing, and therefore if Russia studies the needs of the African market and manufactures them in Egypt at a relatively lower cost, it will contribute significantly to increasing trade rates, increasing the profits of Chinese companies operating in Egypt, and thus gains economically for Egypt as well.
He pointed out that Russian companies are among the companies with experience in the field of infrastructure, especially in the field of energy, and the African continent is in need of energy.
He explained that there is no economic base in Africa, which encourages foreign direct investment from other countries, and Russia and China are among the countries interested in investing in Africa.
He stressed the importance of the Russian economic union and the existence of a free trade zone with Egypt, which will also facilitate the arrival of Russian products to Africa, more than goods trade, but also trade in services such as communications technology and others.
He stressed that the African Free Trade Zone opened the continent to each other commercially, and the major countries seek to push their companies to increase exports and trade, noting that there are some Russian industries important to Egypt and Africa, such as the automotive industry and petrochemicals, and therefore there is importance for Russian companies to manufacture this. type of industry in Egypt.
He revealed that there are efforts to establish a logistical area to collect Russian grain in Egypt, in order to be a breakthrough for the rest of the African countries, noting that this project is among the plans that will be implemented.
This article was originally published by RT.
