Suez Canal Industrial Zone Clearly Points To Egypt-Russia Relations' Growth - Ambassador

A Russian industrial zone in the region of the Egyptian Suez Canal is the most significant example of how bilateral relations between the two countries can flourish, Egyptian Ambassador to Russia Ihab Nasr said on Tuesday.

MOSCOW (UrduPoint News / Sputnik - 26th February, 2019) A Russian industrial zone in the region of the Egyptian Suez Canal is the most significant example of how bilateral relations between the two countries can flourish, Egyptian Ambassador to Russia Ihab Nasr said on Tuesday.

"I would like to say that Russian-Egyptian relations are, in my opinion, very promising, there are many opportunities to strengthen these relations in terms of economy, trade, science. The best example of what I have said is the establishment of a Russian industrial zone in Egypt," Nasr said during a meeting at the Russian Federation Council.

The ambassador stressed that the industrial zone was promising due to Egypt's "interesting geographic location." Nasr added that the economic zone would give Russian companies access to new markets in Arab, African and EU countries.

"That is why, considering these advantages that Egypt has and the advantages that Russian companies have ... the work in this region will be competitive and [the companies] will be able to reach new markets," Nasr said.

In May, Moscow and Cairo signed an intergovernmental agreement to establish the industrial area, but the idea had been in development since at least 2016.