Russia to create industrial zone in Egypt mid-2018

CAIRO – 22 Aug 2017: Russian Industry and Trade Minister Denis Manturov said during a meeting with Egyptian Foreign Minister Sameh Shoukry on Monday that the management company that will implement the project to create a Russian industrial zone in Egypt can be established mid-2018.

"We very much expect that the management company for the implementation of the Russian industrial zone will be established in the middle of next year in order to move to the final phase of the project," said Manturov.

"For this to happen, we need to sign an intergovernmental agreement that is under consideration by the Egyptian government,” he stated, adding the issues of attracting enterprises to the project of the Russian industrial zone in Egypt were discussed.

"The interest is shown primarily by companies from Belarus, because they have developed machine-building and mechanical complexes, so we will also involve them in this work," the minister added.

He stressed that the Ministry of Industry and Trade is now actively seeking investors for the project who plan to place their production in the industrial zone. "There are already more than 15," said Manturov.