KAZAN, Russia, March 26 (MENA) - The XVI International Economic Forum ‘Russia - Islamic World will be held in the Russian city of Kazan on May 13-18 under the rubric ‘Russia - Islamic World: KazanForum.

The countries of the Organisation of Islamic Cooperation have significantly increased their interaction with Russia with total trade turnover increasing by 30 per cent over the past year, according to a press release issued by the Russian Republican Agency for Press and Mass Communications.

It added that the rapprochement of the sides will continue at the XVI International Economic Forum, which will be held from 13 to 18 May in the Russian Federation.

The statement highlighted that after Egypt joined the BRICS group last year, trade turnover between the member states grew to a record $8 billion. And next year, according to estimates, it may reach $10 billion. Russia remains the largest supplier of grain to Egypt with its exports to Egypt hitting nine million tonnes of wheat last
year, it added.

Among the new opportunities for cooperation with Egypt are the construction of the fourth unit of El Dabaa nuclear power plant that was launched in 2017. The project is co-financed by Moscow and Cairo. The Russian state company is expected to supply nuclear fuel to the plant for its entire lifetime.

Also, cooperation between both sides included establishing a Russian industrial zone in Port Said, near the Suez Canal. The project could allow Egypt to import Russian components duty-free and combine them with Egyptian or African parts to produce or assemble finished products, for example in the automotive sector, then export to other markets in Africa and BRICS countries.

As for cooperation between Russia and other Islamic countries, the statement noted that
Russian investments in Iraq's energy sector exceeds $19 billion, while trade turnover between Russia and Kuwait has been growing and is now estimated at around $1.5 billion.

The statement indicted that Saudi imports of Russian grains increased to 4.5 million tons last year compared to 3.2 million tons in the 2022-2023 season. At the same time, agricultural products accounted for nearly 90% of the trade volume between the two countries (compared to 60% in 2023.

In addition to grains, Saudi Arabia imports flour-based confectionery, which is in high demand among locals and tourists, as well as fish, meat, medical and optical equipment, electrical equipment, oil and gas machinery, chemical industry products, and information technology from Russia.

Also, Russian investments in the United Arab Emirates are estimated at more than $30 billion. New investment may be attracted through interaction in the industrial and IT sectors, added the statement.

The aim of the forum is to strengthen trade and economic, scientific and technical, educational, social and cultural ties between the Russian Federation and the OIC countries, it added, pointing out that the KazanForum 2025 program includes more than 100 sessions and events on the topics: international cooperation, business, Islamic finance and Halal industry, transport and logistics, science and technology, IT, industry, construction, medicine, education, tourism, culture, media industry and others.

One of the main events of KazanForum 2025 will be the first ever congress of OIC Ministers of Culture in the history of Russia. The event will take place in the city of Kazan, which has been appointed the Cultural Capital of the Islamic World in 2026, a decision made in Jeddah in February 2025 by the Culture Ministers of the Organisation of Islamic Cooperation countries.
(MENA)
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