Creation Of Russian Industry Area In Egypt To Start At Russia-Africa Summit- Export Center

Fahad Shabbir (@FahadShabbir) Published October 21, 2019 | 03:28 PM

The creation of a Russian industrial area in Egypt, which will become a gateway for exporting to Africa, will be launched at the upcoming Russia-Africa Summit, Russian Export Center Director General Andrey Slepnev said in an interview with Sputnik

MOSCOW (UrduPoint News / Sputnik - 21st October, 2019) The creation of a Russian industrial area in Egypt, which will become a gateway for exporting to Africa, will be launched at the upcoming Russia-Africa Summit, Russian Export Center Director General Andrey Slepnev said in an interview with Sputnik.

The Russian resort city of Sochi will host the Russia-Africa Summit and business forum, co-chaired by Russia and Egypt, from October 23-24. The leaders of all the 54 African nations have been invited to the event, with more than 40 of them having already confirmed their attendance. The Rossiya Segodnya International Information Agency is an official media partner of the event.

"We're configuring a big project, a Russian industrial area in Egypt, which may be described as a gateway for exporting to Africa. Its creation will be announced at the forum. A broadcast of a grand ceremony marking the launch of the project will be an important event," Slepnev said, specifying that the industrial area will be created as part of Russia's national project on global cooperation and export.

He added that a unique 1,294-acre complex would be created at the East Port Said industrial park within the Suez Canal economic area.

"Exporters and suppliers from Russia will be able to localize their production facilities there, in close proximity to promising markets of middle East and Africa. 'Residents' will use modern engineering and utilities infrastructure," Slepnev explained.

They will also enjoy different tax and customs preferences, the Russian Export Center head specified. According to him, there will be a possibility to repatriate 100 percent of the income even without being obliged to have a business partner in Egypt.

"As of now, 25 agreements of intent have been signed with Russian companies regarding their participation in the industrial area as potential residents. These are producers of biochemical products and fertilizers; construction materials and metal structures; composite materials; agriculture, electrical, and oil and gas equipment; port tools and so on," Slepnev concluded.