FILE – Suez canal FILE – Suez canal

Egypt is keen to complete procedures of Russian Industrial Zone: Sisi

Wed, Oct. 23, 2019
CAIRO – 23 October 2019: Egypt is keen to complete the procedures of the Russian Industrial Zone in the axis of the Suez Canal, according to President Abdel Fatah al-Sisi.

During the Egyptian-Russian summitheld on the sidelines of the Russian-African summit in Sochihe,Sisi expressedhis interest in finalizing the drafting of the employment contracts and overcoming all obstacles facing the Russian companies.

The Egyptian president also praised the bilateral relations between Egypt and Russia at various levels since the signing of the Comprehensive Strategic Agreement between the two countries in October 2018.

Meanwhile, Russian President Vladimir Putin said that Egypt and Russia cooperate in fighting against terrorism. The Russian president also referred to the trade cooperation between the two countries, the construction of the Russian Industrial Zone in Egypt, and the establishment of the Dabaa nuclear plant.

The Russia-Africa Summit and Economic Forum is held on October 23-24, 2019 at the Sochi Olympic Park Main Media Centre and is co-chaired by Russian President Vladimir Putin and Egyptian President and African Union Chairman Abdel-Fatah al-Sisi.

President Putin ratified in August the Comprehensive Strategic Partnership Agreement with Egypt which was signed in October during a state visit by President Sisi to Sochi, and was endorsed by Egypt in December.

The agreement is about developing cooperation in the sectors of trade, economy, technical military affairs, communications, nuclear energy, transportation, mining, tourism, science, education, cultural affairs, and coordination on mechanisms and measures aimed at combating various challenges and threats on the regional and international scales.

President Sisi earlier 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. The agreement was signed in Moscow on May 23, 2018.

Since February 2015, Egypt and Russia have been negotiating $7 billion worth of Russian investments in the Russian Industrial Zone (RIZ) project in the East Port Said region.

RIZ would be established on an area of 5.25 million square meters and will be built over three phases, according to a statement issued by the Suez Canal Economic Zone.

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.




Additional Reporting byNoha el-Tawil

 
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