ECOFINAGENCY - Russia is likely to set an industrial zone worth $7 billion in Egypt’s North-Eastern city Port-Saïd, a statement from the Russian trade ministry indicated.

According to information relayed by Ahram Online, this agreement which is scheduled to be signed tomorrow May 23, should make it possible to set up an area of 5.25 km², in the region.  

Through this agreement, Egyptian authorities hope to generate more than 35,000 jobs. Given the city’s  strategic position, Egypt aims to make this industrial zone a hub of international trade, especially for exports to the Middle East, Europe and Africa. In 2017, trade between Russia and Egypt reached $6.7 billion.

Let’s note that this new zone should attract new Russian companies (in addition to the over 400 already implanted), making the country one of Egypt’s main investors.