Egypt, Russia find opportunity in crisis
Analysts say boosting trade between Russia and Egypt in the ruble and the pound is a win for both countries amid Western sanctions on Moscow and the dollar crunch in Egypt.
CAIRO — Egypt and Russia are seeking measures to boost economic cooperation and increase bilateral trade, creating win-win business opportunities for investors in both countries. As Western sanctions against Moscow escalate, Russian-based companies are looking for alternative markets in Africa, including Egypt.
Egypt licensed 34 Russian firms last month to export seafood products to the country as Cairo sources affordable foodstuffs amid a hard currency squeeze.
Egypt started to import Russian cooking oil, which is cheaper than Indonesian and Malaysian oils. In an effort to facilitate such transactions, the Bank of Russia listed the Egyptian pound in January among the nine currencies it sets official exchange rates for.
Analysts say trade between Russia and Egypt in the ruble and the Egyptian pound is a win-win for both countries given the Western sanctions on Moscow and the dollar crunch in Egypt.
