Russia to invest $190 mln in infrastructure of industrial zone in Egypt

Russia plans to invest $190 million to develop the primary infrastructure of its sprawling industrial zone in Egypt, Minister of Industry and Trade Denis Manturov said on Wednesday.

The Russian industrial zone project stipulates creation of a special zone with preferential fiscal conditions for Russian resident companies. The zone will be located in the east of Port Said in Egypt and create 150,000 job opportunities.

The zone is expected to attract a projected amount of private investments estimated at $7 billion, Manturov added in a statement released by the Egyptian Ministry of Industry and Trade.

So far, there are around 55 Russian companies who expressed their interest in investing in the anticipated zone, Manturov said.

It is a tremendous opportunity by having an industrial zone in Egypt, which will act as a gateway for Russian companies to better reach markets of 1.8 billion people thanks to Egypt’s trade agreements with some of the world’s biggest economic blocs, he said.

through entering the Egyptian market, its close neighbors and other countries in the Middle East and African region.

The trade exchange between both Egypt and Russia recorded $7.66 billion in 2018. Egyptian exports to Russia rose 4.1 percent to $526.4 million against $505.6 million in the year before. The rise was driven by agricultural goods and industrial goods embodied in pharmaceuticals.

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