CAIRO, Aug. 13 -- Egypt is currently seeking closer ties and further cooperation with Russia as part of the North African country's foreign policy to balance its ties with the world powers, say Egyptian analysts.

On Wednesday, Egyptian President Abdel-Fattah al-Sisi wrapped up a two-day visit to Russia where he discussed economic, agricultural and military cooperation with his Russian counterpart Vladimir Putin.

"The visit shows Egypt's keenness to head towards Russia without neglecting its ties with the United States as part of a new foreign policy for balanced ties with world powers," said Saeed al-Lawindi, a political expert at Al-Ahram Center for Political and Strategic Studies.

Lawindi added that Egypt's new leadership has raised a slogan for "a new foreign policy based on balanced relations with the United Nations powerful members including Moscow and Beijing."

Egypt is currently attempting to develop the Suez Canal Corridor through digging a new 72-km canal alongside the Suez Canal as a huge national economic project to rescue the country's ailing economy that suffered from three years of political turmoil.

"We hope that Russia would establish an industrial zone in Egypt, coinciding with the launch of a new Suez canal that will be completed within one year," Sisi said Tuesday in a joint press conference with Putin at Sochi.

For his part, Putin said that Russia and Egypt are studying the possibility of establishing a free trade zone and that Egypt is ready to increase its agricultural imports to Russia by 30 percent soon.

"Besides economic and agricultural cooperation, Egypt also seeks further military cooperation and weapon deals with Russia to diverse its armament sources," the political expert told Xinhua, noting that 60 percent of the Egyptian army weapons comes from Russia.

As Egypt has been facing Western pressures over the removal of Islamist president Mohamed Morsi and massive crackdown on his loyalists, Russia is facing Western sanctions over the Ukrainian crisis that includes restriction of fruit and vegetable exports to Russia.

Hani al-Gamal, head of Kenana Center for Political and Strategic Studies, believes that refreshing strong ties between Cairo and Moscow is of "paramount importance for each of them."

The expert added that both countries eye strategic alliance " particularly in armament field and enhancing the Egyptian army in confronting security challenges."

"Russia is keen to make Egypt a strategic ally in the region especially after the turmoil in its original ally Syria and the ongoing tension between Cairo and Washington," Gamal explained, arguing that regional tension would motivate Russia to strengthen its presence and create new interests in the region.

Russia can assist Egypt in astronomy and nuclear power as well as its huge Suez Canal Corridor development project through providing Egypt with equipment and expertise if needed.

"This could also open the way for China to contribute to Egypt' s huge economic projects like its fellow eastern power Russia," Hussein Haridi, former assistant foreign minister, told Xinhua, adding that Egypt enjoys historical ties with China as well as with Russia.

Haridi said that Sisi's visit to Russia marks "a beginning of a new chapter in Egypt's foreign policy coping with the great changes in international relations over the past two years."

Experts see that Cairo and Moscow are key players to achieve the strategic interests of each others and that the Egyptian- Russian cooperation is timely and in favor of both sides.

Putin said Tuesday that his country is ready to export 5.5 tons of wheat to Egypt this year that covers 40 percent of the Egyptian wheat consumption.

"Russia is a big wheat-exporting country and it has great experience in the agricultural field that opens another channel of cooperation with Egypt," said professor of political science Gamal Salama.

The professor told Xinhua that if Egypt succeeds in luring big powers like Russia and China to take part in national projects, it would greatly boost its ailing economy.

Salama agrees that strengthening Egypt's ties with Russia and China is in favor of creating a balance in Egypt's foreign relations with big powers.

"Egypt's attempt to maintain its relations with a big power like the United States should not lead to neglecting ties with other powers like Russia and China," Salama concluded.