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President Sissi agrees to create a Russian industrial area in the Suez Canal

January 31, 2019

Cairo, Egypt, January 31 (Infosplusgabon) – Egyptian President Abdel Fattah Al-Sissi agreed to establish a Russian industrial zone in the Suez Canal Economic Zone, on an official Egyptian newspaper on Thursday. .

The aim of the project is to provide the opportunity to develop and strengthen bilateral industrial co-operation, while increasing investment and industrial, scientific and technical cooperation between the companies of both countries, explains the same source.

The Egyptian Assembly (Parliament) has ratified the agreement signed on 11 November 2018 between the Government of Egypt and the Government of Russia on the establishment and management of the Russian industrial zone.

Both sides undertook to strengthen the existing infrastructure and production facilities in Egypt, while strengthening industrial cooperation between Egypt and Russia on other markets.

The Treaty also provides for the creation of new job opportunities and the implementation of specialized programs for the training of experts in various industries.

Concerning the location of the Russian industrial zone project, the agreement places the development of the economic zone of the Suez Canal on the state authority, to identify and determine the land of 5 million 250 thousand square meters, the Canal Zone east of Port Said in Egypt for the company responsible for the Russian industrial area management.

Article 13 of the Agreement stipulates that the duration of the contract shall be 50 years unless either party notifies its intention to terminate it by giving the other party a written notice through channels. diplomatic.


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