A ship transiting through the Suez Canal - Photo courtesy of SCA
CAIRO – 4 October 2017: Negotiations with Russian officials over establishing a Russian industrial zone in the Suez Canal Economic Zone (SCZone) were “successful” and the agreement will be signed within months, head of the zone Mohab Mamesh said Wednesday.
This came after Mamesh’s meeting with Russian Minister of Industry and Trade Denis Valentinovich Manturov Tuesday, who is currently visiting Egypt to check on the project’s progress.
To be built over five square kilometers, Mamesh said investing in the project is expected to amount to $7 billion in industries and logistics sectors.
“Construction of the project’s first phase will start in early 2018,” Mamesh said.
In February 2016, Egypt and Russia signed a deal to establish an industrial area for Russian products in the SCZone.
A year earlier, during Russian President Valdimir Putin's visit to Cairo, Egyptian President Abdel Fatah al-Sisi announced that Egypt had established a free trade zone with the Eurasian Economic Union, which includes Russia, Armenia, Belarus and Kazakhstan.