55 companies want to invest in RIZ: Russian minister

CAIRO - 8 June 2019: Fifty-five Russian companies until present want to invest in the Russian Industrial Zone (RIZ) that is being constructed in the SCzone, Russian Minister of Industry and Trade Denis Manturov revealed in a meeting with Egyptian counterpart Amr Nassar on Friday.

The meeting was held on the sidelines of the 23rd St. Petersburg International Economic Forum taking place on June 6 - 8.

As reported by Al Mal newspaper, Manturov stated that Russian investments in RIZ infrastructure are worth $190 million. On the other hand, the project is estimated to attract investments worth $7 billion and create 150,000 job opportunities.

The Russian minister affirmed his country’s eagerness to strengthen economic ties with Egypt which can be a doorway for Russian products to both Arab and African states.

Both ministers displayed the progress achieved on the outcomes of the 11th round of the Egyptian-Russian joint committee for trade, economic, scientific and technical cooperation that was held last May in Moscow.

Those outcomes consist of signing an agreement to build and operate RIZ, and a memorandum of understanding (MoU) to upgrade the infrastructure necessary for dairy, bread, and grain industries in Egypt.

The trade exchange between both countries recorded $7.66 billion in 2018. Egyptian exports to Russia rose by 4.1 percent to hit $526.4 million against $505.6 million in the year before. The rise is driven by agricultural goods and industrial goods embodied in pharmaceuticals, food products, and chemicals.

RIZ stretches over 5.25 million square meters and will be built over three phases. The first will be finished by 2021, according to TASS.