Russia selects East Port Said to build industrial zone in Egypt

Russia has selected East Port Said area to establish its industrial zone in Egypt, said chairman of the Egyptian Industrial Development Authority (IDA) Ismail Gaber.

Gaber added that the industrial zone negotiations between Cairo and Moscow had suspended recently in the wake of the Russian plane crash in Sinai Peninsula.

Yet, the negotiations will resume soon, the Egyptian official asserted to Amwal Al Ghad Sunday, saying the Russian government is very keen to establish the industrial zone in Egypt.

Meanwhile, Egypt’s Industrial Development Authority has lately settled that the Russian industrial zone in the country shall be on a space of 2 million metres, tailored for some vital industries such as engineering, machineries, equipments, ship manufacturing, and food.

According to some latest reports, the size of Russian investments in Egypt is estimated at US$107.8 million, equivalent to 398 firms in various sectors, notably tourism, services, and construction.

In 2014, the volume of trade exchange between Egypt and Russia reached US$5 million.