Russian investment on the doorstep of the Suez Canal"... Cairo and Moscow settle the first steps of the giant project

Egypt and Russia announced new progress in the Russian Industrial Zone project in the Suez Canal Economic Zone, after identifying the industrial developer responsible for implementing the project, in a step paving the way for the transition to the actual operational phase and the attraction of investments.

The announcement came during a phone call between Egyptian Foreign Minister Badr Abdelatty and Russian Minister of Industry and Trade Anton Alikhanov, during which the Russian side informed its Egyptian counterpart of the selection of the industrial developer for the Russian zone.

Abdelatty stressed the importance of this step as a key milestone for activating the project and strengthening economic and investment cooperation between Cairo and Moscow, noting that it comes as a continuation of the talks he held with Russian officials and major Russian companies during his visit to Moscow last April.

For his part, the Russian minister praised Egypt’s efforts to facilitate the launch of the Russian Industrial Zone, commending the legislative frameworks and investment incentives provided by Cairo to attract companies and enhance the economic partnership.

Both sides underscored the continuation of coordination to accelerate the pace of work in the Russian Industrial Zone and to broaden prospects for trade and investment cooperation between the two countries in the coming period.