Moscow will host the 13th Egyptian-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation this November, according to what Georgiy Borisenko, Russia’s Ambassador to Egypt and Nevine Gamea, Egypt’s Minister of Trade and Industry, stated at their meeting September, 13.
There are no lists of attendees yet, but those Russian companies which have stated their interest in the Suez Canal Economic Zone in Egypt are expected.
The agreement to establish a Russian Industrial Zone in the territory of the Suez Canal Economic Zone for 50 years was signed at the 11th Russia-Egypt Intergovernmental Commission in May 2018. According to the Suez Canal administration, the project is expected to attract about $7 billion of investments.
At the first stage of the project, Russian Government is expected to invest 12 bln rubles ($160 mln) through the Russian Direct Investment Fund. The Russian Ministry of Trade expects that production in the Industrial Zone will amount to as much as $3.6 billion by 2026.
At the first stage of the project, Russian Government is expected to invest 12 bln rubles ($160 mln) through the Russian Direct Investment Fund.
The Industrial Zone is expected to cover an area of 5.25 sq. km and provide 35,000 direct and indirect jobs, 90% of which are reserved for Egyptians.
According to Nasser Hamed, Plenipotentiary Representative for trade of Egypt’s Embassy in Russia, about 35 Russian companies have already expressed their interest in joining the Industrial Zone. He also expressed hope that by the end of 2020 Russia will have presented the industrial development company to construct the facilities of the Zone.
As stated by the Russian side, there are 2 or 3 companies currently considering this option.