27 October 2020 09:26 AM

Russian industrial zone important stage in Russian-African cooperation - official

Wednesday، 23 October 2019 - 02:07 PM

Egypt's Trade and Industry Minister Amr Nassar stressed on Wednesday that the Russian industrial zone, to be set up in Suez Canal Economic Zone, will be the actual gateway for Russian companies to the African markets.

Nassar, speaking on the sidelines of his participation in the first Russia-Africa forum, underlined the importance of encouraging exports of the projects to be established at the Russian industrial zone and manufacturing Egyptian-Russian products to benefit from the customs exemptions the Egyptian products enjoy in African countries under COMESA and AFCFTA.

The industrial zone, covering an area of 5.25 million square meters, is an important stage in the history of cooperation between Egypt and Russia as it will help boost economic and industrial cooperation and lure investments worth 7 billion dollars, he added.

Till now, 26 Russian companies expressed readiness to invest in the industrial zone, he said, adding that the project will provide 35,000 jobs.

The project will help transfer the Russian industrial expertise to the Egyptian industry and increase access of Russian companies into African markets, he added.

MENA


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