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Russia’s Minister of Industry and Trade was in Egypt with a business delegation to foster trade and investments with the North African country. Denis Manturov held talks with the Egyptian president, Abdel Fattah El-Sisi on a proposed free trade zone between Egypt and the Eurasian Customs Union, which comprises Russia, Kazakhstan, Belarus and Armenia.
A memorandum of understanding between the Russian Investment Fund, the UAE foreign Investment fund and the Egyptian government was also agreed. The over 3 billion dollars deal entails establishing projects and factories in key sectors such as energy and transport. Trade between Egypt and Russia soared 80% to 5.5 billion dollars in 2014 compared to the previous year.