Memish: Russian Investors Enthusiastic for Investment in Suez Canal CorridorSource: www.export-egypt.com 2/21/2019, Location: Africa |
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Head of the Suez Canal Authority Mohab Memish Wednesday described his current visit to Russia as successful and fruitful, asserting that establishing the Russian industrial zone in Egypt will be of great benefit to both countries.
“Russian investors have shown great enthusiasm for investment in the Suez Canal Corridor,” he said in statements to MENA. Russia is establishing an industrial zone outside the former Soviet Union for the first time in Egypt, he said noting that the economic zone of the Suez Canal has been selected for its distinguished geographical position. Around 20,000 ships transit the Suez Canal every year, he said. The Russian industrial zone will provide job opportunities for the Egyptians and create high-value products, he said, adding that his current visit to Russia aims to reach an agreement on the establishment of a company to manage and operate the Russian industrial zone in Port Said. He pointed out to signing a number of memorandums of understanding with several Russian companies that wish to work in this area. The Egyptian side will not interfere in the list of industries and products of the Russian industrial zone in the Suez Canal, he said, noting that the Russian side is interested in important industries such as agricultural tractors, pharmaceuticals, medical supplies, machinery, vehicles and others. The Egyptian law stipulates that 90% of the workers should be Egyptians and the Russian side welcomes that, he added. |
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