Translated by Ollie Richardson for Fort Russ
24th January, 2016
Moscow and Cairo, from 31st January to 2nd February, will sign a Memorandum of understanding on establishing a Russian industrial zone in the Suez Canal. The ceremony will take place in the capital of Egypt. On Sunday 24th January, this was reported by TASS with reference to sources in Cairo.
Russia will be represented by the Minister of Industry and Trade Denis Manturov, who will lead a delegation composed of the representatives of about 60 of the largest companies interested in the implementation of infrastructure projects in Egypt.
The establishment of the industrial zone in the Suez Canal was agreed at a meeting in Sochi in August 2014 between the Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah al-Sisi. The project involves the construction of a modern infrastructure and factories. The willingness to become residents of the industrial zone was expressed by Russian enterprises, specializing in the production of passenger cars, trucks, railway wagons. It is expected that the project will increase the growth of trade and will contribute to the entry into the Egyptian market of products of companies from Russia, as was reported on the website of The Ministry of Industry and Trade in May.