Egypt is open to and welcomes foreign direct investments (FDIs) in development projects, especially from Russia, the trade and industry minister has said.

Mounir Fakhri Abdel Nour, according to a statement issued by his Ministry Friday, said Russian investors are welcome in Egypt, especially after the successful visit by President Abdel Fattah El Sisi to Moscow.

He was delivering a speech at the St. Petersburg International Economic Forum (SPIEF), particularly during a session about Russian-Arab economic relations.

The Egyptian government made a big leap with its economic reform plan, especially after it took key decisions and measures to improve its investment climate, Abdel Nour added.

The minister said fruitful decisions contributed to upgrading Egypt's position in the 2014 list of most attractive African countries in terms of FDIs, the statement added.
Source: MENA