Russia creates industrial zone in Egypt

CAIRO, February 2 /TASS/. The Russian Direct Investment Fund and Egypt development institutes should give support for the creation of a Russian industrial zone in Egypt, Russian Minister of Trade and Industry Denis Manturov told a meeting of the Russia-Egypt inter-governmental commission on Tuesday. "A Russian industrial zone is being created in Egypt," Manturov said. Russia’s task, according to him, is to guarantee that all the projects and residents who are going to settle in that zone receive administrative support and enjoy all the preferences, which the Egyptian government can offer. "For our part, we are going to use maximum effective financial mechanisms for our assistance. The Russian Direct investment Fund and Egypt development institutes are to play their role in the first place," the Russian minister went on to say. Manturov believes that the two countries should give financial and administrative guarantees for implementing the free economic zone project before the start of next year. According to previous reports, Russia and Egypt are to sign a memorandum of understanding for the creation of a Russian industrial zone near the Suez Canal on February 2. The document will mention that the Russian industrial zone will cover an area of 2 million square metres in the east of Port Said, where productions in concrete sectors of economy and a port will open soon. Read more