Cairo – Muabsher: Egypt’s minister of trade and industry Tarek Kabil said that Egypt will sign the final agreement for establishing the Egyptian-Russian industrial zone in Egypt prior to the end of 2017.
The Egyptian-Russian zone will be built on a 5 million square metre area at the Suez Canal Corridor Area with investment worth $7 billion and construction cost of $190 million, Kabil added in a statement on Tuesday.
This came as part of the minister’s meeting with the Russian deputy industry and trade minister Georgy Kalamanov and his accompanying delegation, in the presence of the Russian ambassador to Egypt, Sergei Kiribchenko.
The ministry plans to attract firms of the Eurasian Economic Union (EAEU) to invest in Egypt on the sidelines of the free trade agreement between the EAEU and Egypt, Kabil highlighted.
The minister stressed that Russian investment in the Egyptian market amounts to $62.8 million in 417 projects in the field of tourism and the sectors of services, construction, and communication.
Egypt hopes to strengthen the Egyptian-Russian political and economic ties over the coming years.
