Novosibirsk entrepreneurs got acquainted with the economic potential of the Arab Republic of Egypt

On May 17, within the framework of cooperation between the Investment Promotion Agency of the Novosibirsk Region  and the trade missions of Russia in foreign countries with the information support of  the Novosibirsk City Chamber of Commerce and Industry (NCCCI) was held a webinar “Hour with the Trade Representative” dedicated to the development of trade and economic cooperation between the Novosibirsk Region and the Arab Republic of Egypt.

The event was attended by member of the Trade Representative of the Russian Federation in the Arab Republic of Egypt Denis Kuvshinov, Advisor to the Director General for International Affairs of the Investment Promotion Agency of the Novosibirsk Region Vasiliy Plotnikov, and Novosibirsk companies of external economic activity, including members of the NCCCI.

Denis Kuvshinov greeted the participants of the conference and told about the economic potential of the Arab Republic of Egypt, the demanded branches, among which construction, energy, medical technologies and pharmindustry. Egypt is the largest manufacturer of cosmetics and pharmaceutical products, but foreign companies have difficulties in entering the Egyptian market due to complicated registration procedures, which can take from 6 months to 2-3 years, and also administrative barriers.

According to the results of 2022, the trade turnover with Russia amounted to $6.1 billion, a growth of about 40%.

Denis Kuvshinov told about the peculiarities of doing business in Egypt. He noted the importance of establishing personal contacts, personal participation in negotiations and exhibitions. Only after personal contact, you can move on to communication by e-mail and phone. At the same time, it is important to remember that there are no clearly formulated law regulations in the country, so the conditions for doing business will vary and will depend on the Egyptian partner company. In addition, there are now difficulties with the settlement of contracts. Now, payments made in dollars through third countries. The issue of switching to settlements in national currencies is being worked out.

Summing up the online meeting Denis Kuvshinov answered specific questions of entrepreneurs of the Novosibirsk region and invited to participate in exhibitions, and develop joint ventures. Also, he noted that in Egypt the processes of localization of production with foreign partners or creation of joint ventures are widely demanded. The trade mission is ready to help Russian companies in establishing cooperation with the Egyptian business.