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Putin hopes Russian-Egyptian trade to reach $5 billion

NOVO-OGAREVO, February 13. /ITAR-TASS/. Russian President Vladimir Putin has expressed hope that Russian-Egyptian trade will reach $5 billion.

“For the past several years we had registered a significant growth in trade, but unfortunately, last year we had a decline,” Putin told a meeting with the two countries’ ministers of foreign affairs and defence. “I am confident that we will be able not only to surpass this figure, but also to take new heights, let’s say $5 billion.”

The current trade turnover totals $3 billion.

“We have many good, promising and large-scale projects,” the Russian president said. “I hope very much that soon after all domestic political processes such as the presidential and parliamentary elections are over and the cabinet is formed, we will be able to tap all mechanisms of cooperation.”

Putin also mentioned Egypt’s tourism sector. In 2013 the number of Russian tourists holidaying in Egypt reduced from 2.4 million to 1.5 million people.

“This million migrated to other countries of the region,” Putin said, meaning Turkey. “But I very much hope that Egypt will soon regain its position in this rather vital economic sector," he added.

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