The topical issues of cooperation between Russia and Africa were discussed at Big Industrial Week in Cairo
The key business program event of the Big Industrial Week in Cairo was the main plenary session “Africa. Advanced Manufacturing Site” that was held in the Al Manara International Conferences Center on October 9, 2019.
The Minister of Industry and Trade of the Russian Federation Denis Manturov, Minister of Trade and Industry of the Arab Republic of Egypt Amr Nassar, Chairman of the Board of Directors of Afreximbank Benedict Okey Oramah, Chairman of the Board of the Federation of Egyptian Industries Mohamed El Sweedy, President of the Federation of Egyptian Chambers of Commerce Ibrahim Al-Araby, CEO of Siemens Egypt Emad Ghaly, President of the Russian Federation Chamber of Commerce and Industry Sergey Katyrin took part in the discussion.
In his welcoming remarks, the First Vice-president of the Formika Group Anton Atrashkin said: “Analysts consider Africa to be the next frontier of the industrial revolution. Several African countries, including Egypt, Kenya, Nigeria and South Africa, are among the most dynamic economies of the world in terms of industrial modernization. We believe that events like Big Industrial Week in Cairo, our first INNOPROM outside Russia, facilitate the industrial breakthrough, and we are very proud that such high-ranking persons participate in this session.”
At the session, the participants pointed out that the trade between Russia and Africa has showed stable growth in the recent years. As of year end 2018, the trade turnover has increased by 17% and rose beyond 20 billion dollars. One third of the trade turnover between Russian and Africa accrues to trade between Russian and Egypt in particular.
According to experts, conclusion of the Free Trade Agreement between the Eurasian Economic Union and Egypt will give additional impetus to increase and expansion of the range of mutually traded products.
Denis Manturov, Minister of Industry and Trade of the Russian Federation:
“Holding of such a large-scale and representative event confirms the growing significance and attention paid to cooperation between Russia and Africa today. This also emphasizes the mutual interest of Russian business and African states to promote large-scale, long-term projects together, to fill the agenda with promising economic initiatives.”
Finishing the session, the participants concluded that Russia and Africa have everything required for achievement of significant results in cooperation development.