A Russian delegation is visiting the Suez Canal Economic Zone next Saturday to discuss further development of the anticipated Russian Industrial Zone (RIZ) there, a source in the Egyptian administration told Sputnik on Monday.
“The delegation will meet with the head of the Suez Canal Economic Zone Administration, Yehia Zaki, as well as with a number of Egyptian officials and will tour the Suez Canal Economic Zone to determine the opportunities and conditions for investment,” the source said.
The visit comes after Cairo and Moscow reached a preliminary agreement on July29 on the expansion of the Russian Industrial Zone (RIZ), which in addition to the portion in Port Said will also include a site near the port of Ain Sokhna.
The industrial zone project is set to start closer to the end of the year, once the agreement is finalised, Zaki said in previous statement.
In May 2018, Egypt and Russia signed a 50-year agreement to build a sprawling industrial zone over 5.25 million square metre (57 million square foot) in east of Port Said. Egyptian President Abdel Fattah al-Sisi ratified the agreement a year later.
The industrial zone will enable Moscow to localise products manufactured for Egyptian, African, and Middle Eastern markets. Russian developers are permitted to lease the area for 50 years.
