Russia To Sign Up To 100 Deals In 2019 With Firms Reaching For Egypt's New Industrial Zone

The Russian Export Center (REC), a state-owned development institute that offers Russian exporters connect to foreign markets, plans to sign up to 100 agreements by the end of the year with companies wishing to participate in the Russian Industrial Zone in Egypt (RIZ), Andrey Slepnev, REC chief, said

MOSCOW (UrduPoint News / Sputnik - 16th May, 2019) The Russian Export Center (REC), a state-owned development institute that offers Russian exporters connect to foreign markets, plans to sign up to 100 agreements by the end of the year with companies wishing to participate in the Russian Industrial Zone in Egypt (RIZ), Andrey Slepnev, REC chief, said.

In May 2018, Russia and Egypt signed an agreement to establish Russia's first overseas industrial zone in the Suez Canal Economic Zone, Egypt's new tax free zone and trade hub meant to attract investment from foreign countries.

"We are the managing team in this project. We cooperate with Russian businesses. We have already signed about 20 agreements and plan to sign up to 100 this year," Slepnev said at a news conference.

In February, Mohab Mamish, head of the Suez Canal Authority, said that RIZ in Egypt would be launched in late 2020 to early 2021.

RIZ is a project that is being developed with the assistance of Technopolis Moscow, an affiliate of the Russian Department of Science, Industrial Policy and Entrepreneurship. The aim of RIZ is to become a platform for Russian companies to expand into Egypt, Africa and the middle East. The zone will cover a 5.25 million square meters (56.5 million square feet) and is reportedly expected to attract some $7 billion in private investment.