Lavrov: Russian companies "queue up" for participation in Russian industrial zone in Egypt

15 December 2021


The project of the Russian industrial zone in Egypt has a huge potential, and a number of domestic companies are already lining up to take part in its work. The statement was made by Russian Foreign Minister Sergey Lavrov in an interview with the Egyptian TeN TV channel.


The head of the diplomatic mission pointed out that the relations between Moscow and Cairo went through different periods, but at the moment "they have reached a level, the like of which has never been seen before" in their shared history. He noted the important role of large economic projects between Russia and Egypt in stimulating the bilateral dialogue, in particular the Russian industrial zone in the republic. "It has a huge potential," said the minister. - "It has just been launched and there is already a queue of Russian companies wishing to participate in it and establish their production facilities".


According to Lavrov, this project is fundamentally important not only for the Egyptian market. "This program was created with an eye to the regional dimension," he said. - "I think it will promote not only the development of the Russian-Egyptian bilateral partnership but will also give a strong impetus to economic growth of the country".


The minister did not neglect the sphere of humanitarian ties of the parties. He noted the year of cross humanitarian cooperation agreed upon by Russian and Egyptian presidents Vladimir Putin and Abdel Fattah el-Sisi in 2018. "It was planned for 2020, but because of the pandemic, it was decided to postpone it to the current year. The official opening took place in June in Cairo. More than a hundred different activities in the territory of the two countries in the fields of culture, science, education, sports, tourism and other humanitarian contacts are envisaged," Lavrov continued. - "A number of planned [events] have already taken place. They attract much attention from Russians and Egyptians".


An intergovernmental agreement between Russia and Egypt on the creation of a special zone in eastern Port Said with a relaxed tax regime for Russian resident enterprises was concluded in 2018. The full implementation of the project is designed for 13 years. It is planned that resident companies will be able to start production as early as 2022. They will receive lease vacations, preferential rates for energy resources, a special preferential tax regime, as well as a ready-made site.

 

GSV "Russia - Islamic World"

Photo: Russian Foreign Ministry

Based on materials from TASS