Deal on establishing Russian industrial zone in Egypt in final stages

CAIRO - 4 November 2017: The deal on setting up a Russian industrial zone is in its final stages, acting Russian trade representative in Cairo Nikolai Aslanov told MENA.

The project will cover an area of 5 million square meters in East Port Said and will open up about 35,000 job opportunities, Aslanov told MENA, noting that the first phase of constructions costs $190 million.

The total cost of the project is estimated at $7 billion, he added.

Meanwhile, the Russian official said there is cooperation between Moscow and Cairo to upgrade Egypt’s railways for a distance of 1,200 kilometers.

Aslanov also noted that the Russian trade office in Cairo organized visits for 40 Russian delegates during January-October 2017.

The delegates held talks with Egyptian officials on several issues, including the establishment of the Russian industrial zone in Egypt, cooperation on natural gas and petroleum projects as well as the renovation of the iron and steel factory, he added.

Asked about bilateral trade relations, Aslanov indicated that trade exchange between Egypt and Russia exceeded $3.2 billion during January-August 2017, including Russian exports to Egypt recording $2.8 billion and $407 million of Egyptian exports to Moscow.