Russian industrial zone likely to attract $7bn investments in Egypt – ambassador

Russian industrial zone, located in Egypt’s Suez Canal Economic Zone, is expected to attract investments worth $7 billion, announced the Russian ambassador in Cairo on Sunday.

Number of Russian companies are keen on investing in this project as the North African country has become one of the top African hotspots for Russian investments due to its fast-growing economy and the new investment law, Georgy Borisenko added.

The project will give Russian entrepreneurs the opportunity to export local products to other markets with low taxes and charges, Borisenko said.