32 Russian companies keen to invest in Russia’s industrial zone in Egypt
Around 32 Russian companies are keen to invest in Egypt’s anticipated Russian industrial zone in the new Suez Canal Economic Zone, Egyptian industry minister Nevine Gamea said on Sunday.
In May 2018, Egypt and Russia signed a 50-year agreement to build a sprawling industrial zone, spanning over 5.25 million square metre (57 million square foot) in east of Port Said in the new Suez Canal Economic Zone.
The zone is a mega project launched by Egyptian President Abdel Fattah al-Sisi, with the aim of creating an international hub for manufacturers with easy access for exporting goods to African and European markets.
Minister Gamea made her remarks following a meeting with Russian Ambassador to Cairo, Georgiy Borisenko and his accompanying delegation in the presence of officials in the Egyptian ministry of industry and trade.
The industrial zone is expected to be operational in 2022, Gamea said.