Cairo-Mubasher: Egypt’s minister of trade and industry Tarek Kabil said the country was set to sign an agreement with Russia to establish an industrial zone in Egypt in May 2017.
This joint deal is at the top of the two governments’ priorities and reinforces the strategic relations between the two countries, Kabil said during his meeting with the Russian first deputy minister of trade and industry, Gleb Nikitin.
In June 2016, the minister pointed out that the industrial zone, to be located in Port Said, is scheduled to be constructed in three phases, adding that the Russian projects will focus on the agricultural equipment and pharmaceutical industries.
Trade exchange between Egypt and Russia amounted to $4.15 billion until January 2017, while Russian investments in Egypt reached $62.9 million through 408 projects in several sectors, according to the statement.
Russia currently ranks 47th in countries investing in Egypt.
