Egypt, Russia to set up company to operate Russian industrial zone



Tue, 19 Feb 2019 - 04:43 GMT


Tue, 19 Feb 2019 - 04:43 GMT

FILE - Head of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) Mohab Mamesh

FILE - Head of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) Mohab Mamesh

CAIRO – 19 February 2019: Chairman of the Suez Canal Authority (SCA) and General Authority for Suez Canal Economic Zone (SCZone) Mohab Mamish announced reaching an agreement with the Russian Export Center to establish a company to operate and administer the Russian industrial zone in Port Said before April.

Mamish discussed with the Russian side the need for a joint committee to conduct the work and follow-up what is being carried out and implemented within the project.

“The Egyptian-Russian Joint Committee represented in the Economic Commission and the Russian Export Center will be held on a bi-monthly basis, between Cairo and Moscow, to follow up the developments and implement the procedures for establishing the company until completion,” Mamish added.

He added that the Russian side agreed to offer all required assurances to guarantee the new company will administer the zone project.

Mamish also referred that SCzone agreed to Russia's request to prepare the land necessary for establishing the project which is expected to provide 35,000 job opportunities.

During his visit to Russia, Mamish attended a workshop in the presence of the representatives of about 200 major Russian firms interested in investment in the projects.

Havel Solar is among the companies that participated in the workshop as it is considered an integrated solar energy consortium seeking to find solutions to electricity problems in remote areas and industrial zones.

The chairman of the Suez Canal Authority also witnessed the signing of eight memoranda of intent with the Russian Exports Center in the areas of fertilizers, petrochemicals, modern irrigation systems and the establishment of solar power plants.

Establishing Russian Industrial Zone in Egypt comes into force

CAIRO - 1 February 2019: President Abdel Fatah Al Sisi issued decree No. 420 of 2018 approving an agreement between the governments of Egypt and Russia concerning the establishment and operation of the Russian Industrial Zone in the Suez Canal Economic Zone in Egypt, which was signed in Moscow on May 23, 2018.



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