03 October 2022 06:21 AM

Economics Conferences & Exhibitions

The Egyptian Participation in the St. Petersburg International Economic Forum (SPIEF)

Sunday، 19 June 2022 - 02:13 AM

On behalf of His Excellency President Abdel Fattah El-Sisi, Minister of Trade and Industry Niven Gamea inaugurated on Thursday 16-6-2022 Egypt's pavilion at the St. Petersburg International Economic Forum (SPIEF) which, held on June 15-18.

Egypt will participate in this year gathering as a guest of honor through a distinguished pavilion reflecting the importance of its identity and civilization.

According to a statement issued by the Ministry of Trade and Industry, minister Gamea will hold meetings with officials in charge of companies taking part in the event.

According to a press release by the Ministry of Trade and Industry, Russian Industry and Trade Minister Denis Manturov, Egyptian Ambassador in Moscow Nazih el Nagari and head of the Egyptian Commercial Representation Service Yahia El Wathik Bellah attended the pavilion's inauguration.

Gameaa said the pavilion was designed in a way that reflects the Egyptian identity and culture, noting that it will showcase available investment opportunities at the Russian Industrial Zone in Egypt.

President El-Sisi’s Speech at Opening Session of 25th St. Petersburg International Economic Forum

Trade and Industry Minister Nevine Gamea participated in "Russia-Africa" session, held on the fringe of the 2022 edition of the St. Petersburg International Economic Forum (SPIEF).

Addressing the session, Minister of Trade and Industry Neveen Gamea underlined the importance of enhancing joint efforts to promote Africa-Russia economic relations and establish more joint projects to beef up Russian industrial cooperation with Africa along with transferring the advanced Russian industrial technologies to the continent.

Gamea reiterated the need for utilizing Egypt's location as a gateway to Africa as well as the trade agreements signed between Egypt and fellow African states to strengthen Russian-African ties.

She said the volume of trade exchange between Russia and Africa reached 16.9 billion dollars in 2021 compared with 13.9 billion dollars in 2020, recording an increase of 21.6 percent.

The minister also noted that the Russian industrial zone project in Egypt is a good step towards deepening the Russia-Egyptian investments, calling for benefiting from the preferential trade agreements signed between Egypt and a number of economic blocs worldwide.

She added that investment flows to Africa in 2021 reached 97 billion dollars  with a rise of 147 percent compared to 2020, noting that Egypt maintained its first rank in Africa as regards foreign direct investments (FDI) with a value of 5.9 billion dollars  during 2021 compared with 5.5 billion dollars  in 2020, representing 53 percent of the total FDI to northern African states.

Gamea also noted that Egypt maintained its position as the biggest receiver of FDI in Africa for the third year in a row.

Trade and Industry Minister Niven Gamea held a series of separate meetings with Russian officials and companies’ representatives.

The meetings discussed investment potentials in the Egyptian market and means of reinforcing bilateral economic ties.

The minister initiated her meetings with advisor of the Russian president Anton Kobyakov, who praised the Egyptian participation in the forum, and probed the importance of boosting the cooperation between the two countries, especially in the tourism sector.

Trade and Industry Minister Nivine Gamea met with president of Transmashholding, where they conferred on the supply of 1300 locomotives to the Egyptian Railway Authority, of which 650 locomotives have been already delivered.

Trade and Industry Minister Nivine Gamea met with Minister for Trade of the Eurasian Economic Commission Andrey Slepnev on the sidelines of her participation in the St. Petersburg International Economic Forum in the presence of Egypt’s ambassador in Moscow Nazih el Naggari and a number of senior officials.

Gamea has underlined the importance of the free trade agreement, on which negotiations are currently in progress between Egypt and the Eurasian Economic Commission (EEC).

Gamea said that the deal will be a new bridge to enhance economic ties between both sides in all domains and on different levels, adding that the agreement will also contribute to increasing trade exchange rates and investments among the member states, which will help serve the national economy and the Eurasian union alike.

For his part, Slepnev said the union is keen to ink this deal to cement ties with Egypt in different domains.

About the St. Petersburg International Economic Forum (SPIEF)

The forum is one of the biggest and most important business events in the world. Over the past 25 years, the Forum has cemented its status as a leading international event focusing on key issues on the global economic agenda. It provides a platform for participants to exchange best practices and expertise in the interests of sustainable development.

SPIEF has been held annually since 1997. Since 2005, it has been held under the auspices of the President of the Russian Federation, who has also attended each event.

This year, the Forum organizers developed unprecedented epidemiological safety measures that have already become the gold standard for holding events during the pandemic.

Advisor to the President of the Russian Federation and Executive Secretary of the SPIEF Organizing Committee Anton Kobyakov said that “The new reality means acting collectively and coming together to find solutions to the global challenges. We are seeing high levels of interest from the international community in platforms for dialogue like ours, and a number of countries have already expressed interest in sending representative delegations to SPIEF 2022.”

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