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Al-Ahram Weekly

SPIEF discusses promising sectors for Russian-Arab cooperation - Economy

The first day of the St. Petersburg Economic Forum featured a special session that discussed practical experiences and expertise on how Russian businesses can succeed in the Arab world and Africa. The session emphasized the importance of building partnerships based on trust, a good reputation, and an understanding of the specificities of local markets. Ahmed Bourai, Executive Director of the Egyptian Exporters Association, emphasized the need to recognize the diversity of these markets. Bourai identified the most promising sectors for Russian-Egyptian cooperation: textiles and clothing, information and communications technology, furniture manufacturing, chemical fertilizers and plastics, and building materials (granite, cement). He added, "You can never do business in Tunisia or Morocco without a contract. The Middle East is very diverse, and comparing Iraq to other countries is like comparing apples to oranges." Bourai also offered a clear formula for success: "Don't buy fish in freshwater." Be clear about your goals, reach out to the right people, and don't rely solely on the advice of friends or colleagues. Look for someone who won't abandon you halfway. Russian President Vladimir Putin arrived in St Petersburg earlier. The first event on the sidelines of the St Petersburg International Economic Forum is a meeting to discuss economic matters. Putin said:' Our primary and most important task is to improve the quality of life for people, enhance our cities and communities, develop healthcare and education, and address environmental challenges, 'among other priorities. "To work on all this efficiently, we must monitor the situation, observe the macroeconomic trends within our borders, and consider external challenges and the situation in international markets. Based on this analysis, I suggest we discuss the short-term options available to us and potential legislative amendments that could be enacted to adjust and supplement our efforts to develop the economy, social services, regions, and all of Russia." Follow us on: Facebook Instagram Whatsapp Short link: