Supplies of pharmaceuticals from Egypt to Russia jumped by 48%

In 2017, Egyptian exports to Russia grew by 35%. This was announced by Tarek Kabil, the Minister of Industry and Trade of Egypt, on April 7 in Cairo.

“Over the year, Egyptian exports to the Russian market significantly increased from $374.1 million to $504.6 million,” he said. “The milestone of half a billion dollars is an important step to achieve a qualitative leap in trade and investment relations between the two countries.”

In addition, he said that “the planned conclusion of agreement on a free trade zone between Egypt and the Eurasian Economic Union (EAEU) will contribute to doubling the country’s exports to the markets of that organization.”

The increase in exports also involved supplies of pharmaceuticals, which jumped by 48% (up to $10.5 million).

According to Egyptian Ministry of Industry and Trade, trade and economic sector holds a special place in bilateral relations. The foreign trade turnover is approaching $3 billion. In 2014, Russia and Egypt announced their plans to achieve a $5 billion turnover in the coming years.