Work on Egypt-Based Russian Industrial Zone to Start in Early 2022

Facts You Should Know About The Russian Industrial Zone In Egypt Rpz
Facts You Should Know About The Russian Industrial Zone In Egypt Rpz

Preparatory work to create the infrastructure of the Russian Industrial Zone in Egypt will start in early 2022, Yehia Zaki, the chairman of the Suez Canal Economic Zone, said in an interview with Sputnik.

On Monday, a delegation of representatives of the Russian Ministry of Industry and Trade, the Trade and Economic Representation of Russian in Egypt and Russian investors visited the Suez Canal Economic Zone headquarters in the Ain Sokhna area on the shores of the Gulf of Suez. During the visit, the Russian delegation held talks with Zaki. Earlier, the canal’s administration said that the area of ​​the Russian Industrial Zone had been expanded; now, in addition to the territory to the east of Port Said, it includes a site near the port of Ain Sokhna.

“Today’s meeting is very important, this is another step in the implementation of the project of the Russian industrial zone in Egypt,” Zaki said.

According to the official, during the negotiations with the Russian delegation, the choice of a site in the Ain Sokhna area and the schedule for the start of the project were discussed. Zaki noted that the inclusion of the Ain Sokhna area in the Gulf of Suez would provide ​​the Russian Industrial Zone with the opportunity not only to quickly access the seaport located there, but also conveniently connect it to Southeast Asia and Africa, in addition to the proximity of the local Egyptian market.

“The expansion of ​​the Russian Industrial Zone to the Ain Sokhna area was a positive step that will be beneficial for both sides,” he said.

Zaki said that changes to the original layout of ​the Russian Industrial Zone would require approval from the Egyptian parliament, which will consider the project in October this year.

“The implementation of the agreements on ​​the Russian Industrial Zone (the contract on the establishment of the zone’s management company) will take place before the end of this year, the start of work (preparatory work on the creation of the zone’s infrastructure) will start at the beginning of next year. I am optimistic,” he said.

Now, the Russian delegation is examining the plots offered to the Russian side for projects, and then will visit the already operating enterprises in the zone, both Egyptian and foreign ones. It is assumed that the first stage of ​​the Russian Industrial Zone project will begin to develop on an area of ​​100 hectares east of Port Said and 50 hectares in Ain Sokhna.

An intergovernmental agreement between Russia and Egypt on the creation of the Russian Industrial Zone in the Suez Canal region in Egypt was signed on May 23, 2018. Russian companies will register their subsidiaries in an organizational and legal form in accordance with local legislation to operate there.

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