Suez Canal Authority Chairman To Discuss Russian Industrial Zone On Moscow Visit Next Week

Faizan Hashmi Published February 15, 2019 | 03:05 PM

Chairman and Managing Director of the Suez Canal Authority Mohab Mameesh told Sputnik that he was planning to visit Moscow next week to finalize the last details of the agreement that will launch the Russian industrial zone in Egypt's Port Said, located near the Suez Canal

CAIRO (UrduPoint News / Sputnik - 15th February, 2019) Chairman and Managing Director of the Suez Canal Authority Mohab Mameesh told Sputnik that he was planning to visit Moscow next week to finalize the last details of the agreement that will launch the Russian industrial zone in Egypt's Port Said, located near the Suez Canal.

"The goal of this visit is to hold negotiations and finalize the agreement on the launch of the Russian industrial zone," Mameesh said.

During his visit to Russia, the managing director also plans to meet with a delegation from the Russian Export Center, which is responsible for implementing the industrial zone project, and hold talks with a number of Russian companies about investment in the Suez Canal area.

"The work on the first stage of the project will begin after the final agreement on the development of the first kilometer [0.6 mile] of the zone by a Russian industrial developer has been signed .

.. Work aimed at attracting Russian companies and investors to this project will be conducted for two years in parallel with the work of the Russian developer," Mameesh added.

The official noted that the creation of the industrial zone would be financed by the Russian Direct Investment Fund and a number of Egyptian banks.

Russia and Egypt concluded a memorandum on the creation of an industrial zone for Russian companies oriented toward the markets in Egypt, Africa and the middle East back in 2016. Once established, the zone will enable Russian producers to localize the production of their goods and benefit from preferential tax treatment and tariffs on energy resources.

In May 2018, Moscow and Cairo signed an intergovernmental agreement to establish of the Russian industrial zone in Port Said. The first phase of the project is expected to start by 2022.