The prospective Russian industrial zone in Egypt is estimated to attract about $7 billion in new investments, Ambassador in Cairo Georgiy Borisenko told El Dostor newspaper
CAIRO (Pakistan Point News / Sputnik - 11th June, 2020) The prospective Russian industrial zone in Egypt is estimated to attract about $7 billion in new investments, Ambassador in Cairo Georgiy Borisenko told El Dostor newspaper.
According to the diplomat, Egypt is one of the most attractive countries in Africa for Russian investors, thanks to the recently passed investment law and the country's membership in the African Continental Free Trade Area, among other things.
"It is expected that the creation of the Russian industrial zone in the area of the Suez Canal will attract about $7 billion in new investments. Dozens of Russian companies have expressed interest in investing in this project," Borisenko said in an interview, published late on Wednesday.
The ambassador noted that Russia has already invested in the Egyptian economy about $7.4 billion.
"There is a good probability of increasing the investment in the future, especially in exploration, agriculture, food production and machinery production," Borisenko added.
In February, the Russian charge d'affaires ad interim in Cairo, Svetlana Zubova, told Sputnik that 32 agreements of intent have been signed with companies interested in engaging in the industrial zone project.
The two countries struck an agreement to create the Russian Industrial Zone in the Suez Canal Economic Zone, Egypt's tax free area and trade hub meant to attract foreign investment, in May 2018. The 1,300-acre industrial zone is expected to become a platform for Russian companies over the next 50 years to expand into Egypt, Africa and the middle East.
