Russia's MENA presence intensifies: Industrial zone in Egypt to launch within 2 years

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New Suez Canal

Mohamed Abd El Ghany / Reuters
A cargo ship passes through the New Suez Canal in Ismailia, Egypt

The Russian Industrial Zone in Egypt will be launched in late 2020 – early 2021, Head of the Suez Canal Authority Mohab Mamish told TASS.

According to him, the industrial zone will be "launched by the end of 2020 – beginning of 2021."

According to Mamish, the company is in charge of the Egyptian market . According to him, such products will be in demand only in the Egyptian market, but also in the markets of other African countries, as well as the Middle East and Europe .

Press Service of the Ministry of Industry and Trade of Russia said earlier that the first eight companies would sign an agreement to participate in the Russian industrial zone in Egypt on February 19. According to Denis Manturov said That the first portfolio of eight agreements would be signed by Russian Export Center as part of the planned "Presentation of the export potential of the Russian industrial zones in Egypt" on February 19, 2019.

According to the Ministry, 20 Russian companies have already confirmed their interest in locating their facilities during the first phase until 2023 . In general, the number of companies interested in participating in the project exceeds 50.

The investment is expected to be $ 190 million, estimated at $ 7 million.

Intergovernmental agreement regulating the first industrial zone was signed on May 23, 2018. According to forecasts of the Ministry of Industry and Trade, the project will take over 13 years, but by 2026 its residents will be able to manufacture production for $ 3.6 billion. annually .

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