Russia’s Minister of Trade and Industry Denis Manturov and his Egyptian counterpart Tarek Kabil signed an agreement to establish a Russian industrial zone in Egypt. The zone will boost cooperation between the two countries, especially in the industrial, agricultural and customs fields. It will also promote Russian high-tech products in the huge new markets in the Middle East, Africa, Europe and Latin America.
The Russian industrial zone, located within the economic zone of the Suez Canal, will cover 5.25 square kilometers with an investment of $6.9 billion, enough to provide an estimated 35,000 jobs. The zone project will cover several industrial fields, including construction equipment, glass and ceramics, wood and paper, autos and medicine.
