Russia’s industrial zone to operate by FY2016-17; Egypt’s trade minister says

Russia’s industrial zone , which is set to be established in eastern Port Said, can start operating in fiscal year 2016-17, trade minister Tarek Qabil stated Tuesday.

The minister added that the Russian-Egyptian businessmen forum, currently in session in Cairo, included a Russian delegation representing 100 Russian companies.

The two sides signed a deal to establish a Russian industrial zone in Suez Canal and another one between the joint investment Fund of Russia, UAE and Egypt and a number of Egyptian banks to finance the projects of the Russian industrial zone.