Egypt’s leader applauds association with Russia
Date
10/24/2024 8:43:20 AM
(MENAFN) During a meeting at the 16th BRICS Summit in Kazan on Tuesday, Egyptian President Abdel Fattah el-Sisi emphasized the "strategic" nature of Egypt's partnership with Russia, highlighting several significant collaborative projects between the two nations. One of the most notable initiatives discussed was the construction of Egypt’s first nuclear power plant, El Dabaa, situated on the Mediterranean coast. This project, being developed in partnership with Rosatom, Russia’s state nuclear corporation, is a testament to the deepening ties between Cairo and Moscow.
El-Sisi noted that Rosatom began construction on the fourth power unit of the El Dabaa plant in January, with the project originally launched in 2017. The financing for the nuclear facility is a joint effort between Egypt and Russia, with Rosatom also set to supply nuclear fuel throughout the plant's operational life. For the initial decade, Russia will assist Egypt in training personnel and managing the facility, further solidifying their cooperative framework.
In response, President Putin expressed Russia's commitment to enhancing cooperation with Egypt, stating, “We place special emphasis on expanding friendly relations with Egypt – a long-standing and reliable partner of Russia. We are confidently moving forward in the trade and economic sphere.” He highlighted that Egypt now represents approximately one-third of Russia’s total trade with Africa, a figure that underscores the growing economic relationship.
Trade between the two countries saw a remarkable increase of 16.4% last year, with expectations of continued growth. A forthcoming free-trade agreement between Egypt and the Eurasian Economic Union (EAEU) is also in preparation, which is anticipated to further bolster economic relations.
Additionally, a report from the Central Agency for Public Mobilization and Statistics indicated that Egypt's trade with its BRICS partners rose by 15% over the past year. Key exports from Egypt to BRICS nations included precious stones, jewelry, and various fruits and vegetables. On the import front, Egypt focused on acquiring essential goods such as electrical and mechanical equipment, fuel, grains, iron, steel, and plastics.
As Egypt and Russia continue to enhance their strategic partnership, their collaborative efforts in nuclear energy and trade signal a robust and growing alliance that is poised to benefit both nations in the long term.
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