Russian Goods Will Be Produced in Egypt
OREANDA-NEWS On 19 February the first 8 companies will signed an agreement to participate in the Russian industrial zone in Egypt, reported the press service of the Ministry of Industry and Trade of the Russian Federation.
"The Minister Denis Manturov said that the first portfolio of eight agreements of intent with interested companies ("Hevel", "Metpromtech", "Boos lighting Group", "Electrotechnical plants "Energomera", "Shchelkovo Agrohim", "Agroideya" (group "Tatneft"), "Research and production site Ecotechnocenter", "SMM" (St. Petersburg) will be signed by "Russian export center" as part of the planned for February 19, 2019 years. "Presentations of the export potential of the Russian industrial zone in Egypt," the press service of the Ministry said.
According to the Ministry of Industry and Trade, 20 Russian companies have already confirmed their interest in placing their production facilities within the first phase of the Russian industrial zone project until 2023.
"In General, more than fifty companies showed interest in participating in the project," Manturov said. Companies that would like to produce their products in Egypt represent different industries. These are pharmaceuticals, production of fertilizers, building materials, metal structures, agricultural machinery, marine and oil and gas equipment and many others.
Russian state investments in the development of the primary infrastructure of the industrial zone can amount to about 190 million dollars. Private investment is estimated at seven billion dollars.
"We consider the Russian industrial zone not only as a promising project for the development of Russian-Egyptian trade and economic relations, but also as a multifunctional "hub" for the promotion of Russian industrial products to the markets of the Middle East, Africa and other neighboring regions," the Minister said in a statement.