Cairo will host the 10th session of the joint Egyptian-Russian economic committee meetings, Egypt's Trade and Industry Tarek Qabil said on Sunday.

A number of Russian businessmen representing about 60 Russian companies along with a raft of Egyptian businessmen will attend a joint business forum that will be organized on the sidelines of the committee's meetings, Qabil added.

He made the remarks during his meeting with Russian Ambassador in Cairo Sergei Kerbachenko as they discussed the future of strategic relations between the two countries and preparations for the Russian governmental delegation's visit to Egypt.

This event comes at a sensitive time, as the two sides seek to strengthen strategic ties binding the two countries in the political and economic spheres.

A number of memos of understanding will be signed during the joint committee's meetings, notably a memo of establishing a Russia industrial zone in the Gulf of Suez area, Qabil said.

The Russian Direct Investment Fund (RDIF) and a host of Egyptian banks will ink an agreement to provide the necessary financing to set up investment projects between the two countries' private sectors, according to Qabil.

The Russian delegation will pay field visits to a number of Egyptian industrial zones to get acquainted with the available potentials in these areas, Qabil underlined.

For his part, Kerbachenko said the Russian delegation's visit reflects the depth of relations between the two nations at all levels.