Russia, Egypt Plan To Attract $7Bln Investment To Industrial Zone Near Suez Canal - Putin

Moscow and Cairo are planning to attract about $7 billion of investment to the new Russian industrial zone in the Suez Canal area, Russian President Vladimir Putin said on Wednesday after talks with his Egyptian counterpart Abdel Fattah Sisi.

SOCHI (UrduPoint News / Sputnik - 17th October, 2018) Moscow and Cairo are planning to attract about $7 billion of investment to the new Russian industrial zone in the Suez Canal area, Russian President Vladimir Putin said on Wednesday after talks with his Egyptian counterpart Abdel Fattah Sisi.

"With the participation of Russia, a modern industrial zone, including instrument-making, woodworking and pharmaceutical companies, will be created in Egypt in the region of the Suez Canal. We plan to attract about $7 billion of investment and create 35,000 new jobs in the area," Putin said.

According to the president, products made in the zone may be sold not only in Egypt, but in the African and middle East markets as well.

In February 2016, Russia and Egypt signed a memorandum to establish a Russian industrial zone in Egypt in order to ensure localization of products manufactured for Africa and Middle East. Last March, the Egyptian government approved the creation of the zone. According to Russian Foreign Minister Sergey Lavrov, the process of establishing the zone is underway.