Egyptian leader offers Russian investors ‘best terms’ in Suez Canal area

MOSCOW, August 27. /TASS/. Egypt is ready to offer the best terms for Russian investors willing to work in the region of the Suez Canal, Egyptian President Abdel-Fattah el-Sisi, who is currently on an official visit to Russia, said in an interview with TASS. "Egypt implies enormous efforts for the development of the economic output and we try doing it at accelerated tempo," the Egyptian leader said in an exclusive interview with TASS First Deputy Director General Mikhail Gusman. "We have opened a new Suez Canal," el-Sisi said. "Somebody may think that the opening of the route will be enough. However, it is another step in the grand project on the development of the region on the whole." "We are allocating an industrial zone for Russia in this region," the Egyptian president said. "We are inviting Russian companies to participate and work in this region. This zone has been offered for investors." "We are inviting Russian investors and tell them that we offer the best terms so that they could work there and provide Egyptians with workplaces at the same time," el-Sisi added. At a meeting with Russian President Vladimir Putin in Moscow on Wednesday, el-Sisi particularly thanked him for the country’s senior-level representation at the opening of a new shipping lane for the Suez Canal earlier in the month. The festive ceremony on August 6 was attended by high-placed delegations from more than 90 countries, including the Russian delegation, led by Prime Minister Dmitry Medvedev. "Let me express my gratitude for the high-level representation at the Suez Canal [opening], where the head of the Russian government was present," el-Sisi told Putin on Wednesday. "I would like to say that it was a symbolic gesture that Russian naval ships passed along the peaceful Suez Canal. I thank you, Mister President." Egypt to build Suez Canal's 3rd shipping lane Egypt intends to build the third shipping lane of the Suez Canal that links the Mediterranean and Red Seas, Suez Canal Authority Chairman, Admiral Mohab Mamish said in late July. He said this would be "a separate shipway to extend east of the town of Port Said." The new shipway will be 9.5 km (5.9 miles) long and will allow vessels to sail in both directions simultaneously. The new shipping lane’s depth near Port Said will allow the passage of vessels with the maximum draft, the admiral said. The second Suez Canal will double the Canal’s capacity from 49 to 97 vessels a day as ships will be able to pass in both directions simultaneously, using the old and new waterways. Cairo expects revenues from the operation of the Suez Canal system at least to triple by 2023 to over $15 billion. The Suez Canal that opened in 1869 keeps the positions of the world’s most important water artery. This is the shortest sea way from Europe to Asia and the cheapest method of cargo transportation. Read more