Russia’s trade with Egypt to be up from $6bln to $10bln in 2018

Trade between Russia and Egypt may go up to ten billion US dollars in 2018, chairman of the Russia-Egyptian Business Council under the Russian Chamber of Commerce and Industry, Mikhail Orlov, said on Friday.

"Trade is growing dramatically <…> It was about six billion US dollars last year and is likely to be even more this year: I think we can make up to ten billion US dollars," he told TASS on the sidelines of the KazanSummit international economic event.

According to Orlov, bilateral trade has a potential of 25 billion US dollars. However to achieve such indices Moscow and Cairo need to simplify procedures of mutual financing of projects, harmonize phytosanitary standards and remove administrative barriers in the pharmaceuticals sector.

On May 10-12, Kazan is hosting the 10th International Economic Summit "Russia - Islamic World: KazanSummit," a major international economic event organized by Russia and the Organization of Islamic Cooperation. The event has gained a reputation of a good business platform to establish new contacts and a present Russia’s economic possibilities and investment potential.