Russia to choose Industrial Zone’s Location in Egypt next September

The Russian government is to choose the location to establish a Russian industrial zone in Egypt next September, Chairman of Egyptian-Russian Business Council Ahmed El Wakil said Wednesday.

El-Wakil told Amwal Al Ghad that a Russian mission encompassing 30 firms visited Attaqa in Suez as well as North Fayoum, to review investment privileges to establish industrial zones in one of those areas in the upcoming period.

The delegation arrived to Egypt Sunday to discuss available investment opportunities in the Egyptian Market.

On other hand, the Industrial Development Authority (IDA) has determined that the industrial zone will be established on a space of 2 million metres to include a number of vital industries, notably engineering industries, food industries, Chemicals and pharmaceuticals.

The Egyptian presidency is to ratify the economic zones law during the upcoming days through which the Russian industrial zone would be established, El-Wakil stated.

The official stressed that the government wouldn’t offer exceptional incentives to the Russian firms to encourage them to invest in the project and merely rely on the incentives offered by the investment law and private zones law.

Moreover, El-Wakil said that the council will hold a meeting between its two sides, by the end of September, to discuss means of enhancing bilateral economic and commercial relations within the upcoming period.