Russia hopes the first companies will be able to begin operations in its industrial zone near the Suez Canal before 2030, according to Deputy Prime Minister Alexey Overchuk following a recent inspection in Egypt.
“We hope, maybe it can happen a little earlier. The plans we’ve seen show 2030—perhaps even a bit before,” Overchuk said in response to questions about the Russian Industrial Zone (RIZ) timeline.
He stressed that the RIZ launch would give a major boost to trade turnover between Russia and Egypt through new production facilities, equipment shipments, and expanded Russian services. “When investors come here, new production and cooperation chains will form. We expect Russian goods and equipment to be supplied, and Russian companies to work here. The arrival of Russian residents in the Suez Canal zone should give our trade with Egypt a strong push forward,” said Overchuk.
Earlier, Overchuk met with Suez Canal Economic Zone chief Walid Gamal El Din and took part in a project presentation for Russian businesses. “Strategically, we see this project as an entry point both to Egypt and the broader African continent. Egypt’s free trade agreements offer great advantages to special economic zone residents,” he added.
Russia and Egypt signed a long-term land lease for the RIZ in May. The 50-hectare site is in the northeast part of the Suez Canal Economic Zone near Ain Sokhna, 30 km from Suez and 120 km from Cairo. The Suez Canal zone includes six seaports and handles 20% of global container traffic and 10% of maritime trade. The Ain Sokhna zone is one of the world’s largest industrial clusters with direct access to the Ain Sokhna port.
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Photo: Patano/Creative Commons 3.0
Based on materials from TASS