Egypt, Russia to up trade exchange

Egypt and Russia will soon sign an agreement on easing procedures for businessmen entry visas as part of efforts to boost trade exchange and joint investment.

Russia's new ambassador in Cairo said that the new plans were the outcome of exchanged visits by Russian President Vladimir Putin and his Egyptian counterpart Hosni Mubarak. The ambassador was speaking in a meeting with Egyptian Businessmen Association under Gamal Al Nazer.

The ambassador said Egypt-Russia trade exchange volume in 2004 hit $ 400 million, double the year before.

Over the first six months of this year, trade exchange between Cairo and Moscow hit $ 410 million, a further increase, he said.

Egyptian exports to Russia up annually by 40%, he added.