Russian Industrial Zone in the Suez Canal

On December 9 the co-chairs of the Joint Russian-Egyptian Commission on Trade, Economic, Scientific and Technical Cooperation held a meeting. The online conference was headed by the Russian Minister of Industry and Trade, Denis Manturov, and the Egyptian Minister of Trade and Industry of Egypt Nevin Gamea.

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The Russian Minister of Industry and Trade of the Russian Federation, Denis Manturov, and the Egyptian Minister of Trade and Industry of Egypt, Nevin Gamea, discussed the main issues of trade and economic cooperation, including the creation of a Russian Industrial Zone (RIZ) in the Suez Canal area and the preparation of a free trade agreement between the Eurasian Economic Union (EAEU) and Egypt, said the Russian Ministry of Trade in a statement.

Speaking about the Russian Industrial Zone project, the head of the Ministry of Industry and Trade of Russia emphasized its importance for interstate relations from both an economic and image point of view.

“The implementation of the Russian Industrial Zone project will bring the Russian-Egyptian cooperation to a new level. The success of the project will largely depend on the attractiveness of the conditions that RIZ can offer to economic operators. That is why our approaches are formed in close cooperation with Russian companies - potential residents and to a large extent take into account their opinions and recommendations," Mantorov said.

Particular attention was paid to cooperation in the pharmaceutical field, primarily in the context of combating the spread of COVID-19. The Egyptian side confirmed its interest in the Russian vaccine Sputnik V.

An agreement was reached to intensify practical interaction both in terms of vaccine supplies and the possible localization of its production in Egypt.

 
 
 
 
 
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