Russian industrial zone in Egypt demonstrates potential of bilateral cooperation, says ambassador in Moscow

MOSCOW, February 26. /TASS/. Moscow and Cairo have the potential to expand bilateral cooperation, Egypt’s Ambassador Ihab Nasr to Moscow said at a meeting with Russian Federation Council (the upper house of parliament) Foreign Affairs Committee Chairman Konstantin Kosachev on Tuesday, adding that the creation of the Russian industrial zone in Egypt is a good case in point. "I believe that the Russian-Egyptian relationship is very efficient. There are many possibilities to strengthen cooperation in the trade, economic and humanitarian fields. The creation of the Russian industrial zone in Egypt is the best case in point," he said. According to the diplomat, favorable location and low-wage force coupled with Russian technologies will be important competitive advantages of the cluster. "Egypt has entered into free trade zone agreements with many countries, which will open access for goods produced there to the markets of all Arab states, 34 African countries and the EU," he emphasized. The Russian industrial zone project stipulates creation of a special zone with preferential fiscal conditions for Russian resident companies. The zone will be located in the east of Port Said in Egypt. The planned Russian state investments into the development of primary infrastructure will be about $190 mln, while the projected total amount of private investments throughout implementation of this project is estimated at approximately $7 bln. Russia’s Ministry of Industry and Trade expects the project’s implementation to take about 13 years, and resident companies will be able to manufacture production worth $3.6 bln annually already by 2026. Read more