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Russian Ministry of Industry and Trade, VEB.RF and Egyptian Partners Agree to Expand Opportunities for Suez Canal Economic Zone

29 july 2021 года
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A new industrial zone will be created in the Suez Canal area where Russian manufacturers can locate their production facilities.

VEB.RF is authorised to coordinate the Russian Industrial Zone project.

Chairman of the General Authority of Suez Canal Economic Zone and Head of Egyptian delegation Yehia Zaki discussed with VEB.RF during the visit to Moscow further steps to implement the project for establishing the Russian Industrial Zone in the Suez Canal Economic Zone. Access to the Zone will create totally new opportunities for Russian enterprises for marketing Russian goods, work and services in the Middle East and North Africa countries. For the Russian part, this project is an exciting pilot initiative which in the case of success could open up new horizons in terms of supporting and promoting Russian exports.  

The Zone will cover about 50 hectares at the first stage, with the opportunity of further expanding to 100 hectares.

Daniil Algulyan, VEB.RF Deputy Chairman and Member of the Management Board:

“After paused activities during the pandemic and a diminution of international cooperation, our operations are steadily gaining momentum. During the visit of our Egyptian colleagues to Moscow, we prepared and agreed the potential amendments to the intergovernmental agreement governing the Zone’s activity, held more than ten meetings with potential resident companies, and are now negotiating the specific commercial terms and perspectives of specific land plots.   The Russian delegation is planning to visit Egypt in the end of August to discuss and determine the local specifics. We expect highly dynamic implementation of the Russian Industrial Zone project. This is a very interesting and unique project in terms of supporting Russian exports.”

The parties also discussed the terms which the Russian Industrial Zone could offer to potential residents. Particular attention was paid to the supply of products to the Egyptian domestic market and a flexible approach to site selection in the Suez Canal zone.

The parties agreed to expand the intergovernmental agreement and include the following options:

- an opportunity to locate Russian resident companies at any sites of the Suez Canal Economic Zone; 

- guaranteed access for the residents of the Russian Industrial Zone to the Egyptian domestic market;

- regulatory recognition of VEB.RF as an authorised institution.

The project will be launched in five months on the territory adjacent to Ain Sokhna Port having a well-developed infrastructure.


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