The talks between Egyptian Foreign Minister Nabil Fahmy and his Russian counterpart Sergei Lavrov came amid Egypt's strained relations with its key ally, the US, following the ouster of Islamist president Mohammed Morsi by the army in July.
Moscow's first highest-level visit to Cairo in decades, which came a month after the US suspended part of its annual military aid to Egypt, aims to boost economic, political and security ties between the two countries.
Middle East peace process and efforts exerted by the US for Israeli-Palestinian peace talks also featured during the meeting, Fahmy said.
The two leaders also discussed international and regional security and called for establishing a region free of weapons of mass destruction in West Asia and North Africa.
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The presence of Russian Defence Minister Sergei Shoigu, who held a meeting with his Egyptian counterpart Abdel Fattah al-Sisi, has set off rumours of a multibillion-dollar arms deal. However, officials from the countries made no mention of any such deal.
When asked whether Russia would replace the US as his country's chief ally, Fahmy said Egypt was not looking for a "substitute for anyone" and that Russia was too significant for such a role.
He said there is an "old record" of cooperation between Egypt and Russia in various fields such as military and economy. The cooperation in the field of trade and investments is also expanding, Fahmy added.
Egypt was Moscow's closest Arab ally for two decades since 1950s. But in 1972, then president Anwar Sadat realigned the country's foreign policy, taking his nation closer to the US.
"Russia would like to see a stable Egypt with a prosperous economy and an efficient political system," he said.
The situation in Syria and efforts to convene the Geneva II conference for a political solution to the war-torn country were also discussed, Fahmy said.
"We tackled the situation in Syria and efforts exerted and action aimed at holding Geneva II to seek political solution to the situation in Syria," he said.