EGYPT AND RUSSIA TO SIGN DEAL FOR INDUSTRIAL ZONE OPERATION

Egypt and Russia sign agreement for industrial zone operation.

Egypt has sign an agreement with Russia for the development and operation of an industrial zone. The Agreement is been sign by both countries Minister for trade and industry.

The Industrial zone will be in East Port Said which is not far from the capital. It will also be build on a 5.25 million square-meter plot of land over three phases. The industrial zone will also serve as an international hub. Furthermore, the hub will be aiming to export to the Middle East, Europe and Africa plus will generate over 35,000 jobs.

The meeting will also see both nations boost ties in several fields. This fields will include energy development, delivery of agricultural products, railway engineering and the aviation industry.

The Russian Trade Ministry said that the upcoming signing is a historic milestone. The ministry also highlighted that the talk will cover Egypt’s first-ever nuclear power plant at Dabaa.

In January 2018, Russia investments in Egypt has risen to an estimate of $66.49 million from 424 companies.

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