Industrial zone for Russian companies may appear in Egypt in 2017

A Russian industrial zone may start to function in the Suez Canal area in February 2017, Egyptian Minister of Trade and Industry Tarek Qabil said.

"I had a meeting with [Russian] Trade Minister Denis Manturov. We discussed the issue of creating an industrial zone for Russian companies in the Suez Canal area in Egypt. I hope that this will be implemented in February 2017 in three stages," Qabil said in an interview with Interfax on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Qabil also said that he had held a meeting with the Russia side to "discuss an agreement on establishing a free trade zone between Egypt and the Eurasian Economic Union."

"We discussed technical details of how it would be put into practice," the minister said.

During meetings on the sidelines of SPIEF, the issue was raised concerning "the delivery to Egypt of 700 railcars that Russia and Hungary manufacture jointly, as well as concerning the partial production of these railcars in Egypt," he said.

"In addition to that, I had several individual meetings with representatives of companies that are interested in the import of commodities from Egypt, for example the X5 retailer and Auchan, as well as representatives of other companies that are interested in becoming part of the industrial zone in Egypt," Qabil said.

The minister also said that during negotiations with the Russian side he had discussed the possibility of mutual payments in their national currencies once the Russians returned to Egypt's resorts.

 

 

 

 

 

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