Economic ties between Russia and Egypt are developing successfully, according to President Vladimir Putin. He met with his Egyptian counterpart Abdel Fatah el-Sisi in Sochi.

The Russian president noted sharp 62% growth in trade turnover between the countries.  Putin attributed this to diversification of bilateral ties, which include “agriculture, industry, equipment and vehicles.

Moscow supports the idea of creating a free-trade zone between Egypt and the Eurasian Economic Union (EEU), which would “open up additional opportunities for expanding economic cooperation and trade turnover.”

Putin and Sisi discussed the construction of Russia’s industrial zone in the Suez Canal area. According to Putin, around $7 billion worth of investments will be attracted to the zone.

Four years ago, Cairo announced the modernization of the Suez Canal, which is one of the world’s major transportation routes. The new Suez Canal will include a vast range of services, as well as several industrial parks, including Russian, Chinese and Italian areas.

RT.com / ABC Flash Point Trade News 2018.

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