Egypt-Russia: Growing ties
The Russian Embassy in Cairo congratulated Egyptians on the anniversary of the 23 July revolution this week. In a tweet on Sunday, the embassy wrote: “Under the regime of late Egyptian President Gamal Abdel-Nasser, relations between Cairo and Moscow greatly prospered, and now under the regime of President Abdel-Fattah Al-Sisi we see relations between our two countries growing every day… they are expected to reach new heights in the coming few years.”
Diplomatic sources told Russia’s Tass news agency this week that President Abdel-Fattah Al-Sisi will participate in the second Russia-Africa Summit held in St Petersburg from 27-28 July. President Al-Sisi and Russian President Vladimir Putin co-chaired the first Russia-Africa Summit, held in Sochi in October 2019 under the motto For Peace, Security, and Development. President Al-Sisi’s visit to St Petersburg this week reflects the extent of bilateral relations between the two countries across the political, economic and military fields, said Tass.
Since coming to office in 2014 President Al-Sisi has been keen to cement relations with Russia, even after Western countries turned their back on Moscow over its war with Ukraine.
Al-Sisi praised Egypt-Russia relations during a speech at last year’s St Petersburg International Economic Forum, noting that the two countries are implementing ambitious projects that will serve both their interests. They include the Dabaa nuclear power plant, the setting up of a Russian Industrial Zone in East Port Said and cooperation to develop the Egyptian railway network.
Georgy Borisenko, Russia’s ambassador to Egypt, says bilateral trade has grown by 60 per cent over the last three years, reaching $6.2 billion in 2022. Russia’s $5.7 billion worth of exports to Egypt makes it Moscow’s largest trading partner in the Middle East and Africa, while Russia is Egypt’s third most important trading partner after the European Union and China. Borisenko said Russian companies are currently operating in the Egyptian market with investments exceeding $7.4 billion, a figure expected to rise once the Russian Industrial Zone is up and running. Russia plans to invest over $7 billion to establish the zone, creating around 35,000 local jobs.