The minister said during the extensive talks, held Tuesday, with Russian Deputy Minister of Trade and Industry Georgi Kalamanov and his accompanying delegation that the Russian industrial zone would be established in east Port Said at the Suez Canal axis on an area of ​​5 million square meters, with investments exceeding $7 billion. The total cost of the project is estimated at $190 million, according to Qabil. Russian investments in the Egyptian market amount to about $62.8 million in 417 projects in the areas of tourism, construction and communications, said Qabil. The Russian government has already prepared a plan of action and executive plan for the establishment of the new Russian industrial zone in Egypt, said Kalamanov, expecting the two governments to sign the final agreement in a few months. It will be jointly implemented by the Industrial Development Authority, responsible for the designated land area, while Singapore will be responsible for managing the project, Qabil added.

Source: Egypt Independent October 04, 2017 09:33 UTC