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Russia looks forward to signing industrial zone agreement with Egypt — minister

March 02, 20:30 UTC+3 CAIRO

The memorandum on establishment of the Russian industrial zone was signed last February

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CAIRO, March 2. /TASS/. Russia expects the agreement with Egypt on establishment of a Russian industrial zone in Egypt’s territory will be concluded during the St. Petersburg International Economic Forum (SPIEF) in early June, Deputy Minister of Industry Gleb Nikitin told TASS on Thursday.

"I would say this will be good," Nikitin said after talks with Ahmed Darwish, Chairman of the General Authority for Suez Canal Economic Zone. "We expect and target this deadline," he added.

Negotiations "inspired significantly greater optimism and we expect technical matters will be resolved much quicker," the Russian official said. "We are presently more concerned of the [document] approval procedure and some legal matters related to the agreement," Nikitin added.

"We will send an experts team to Egypt already next week, which will deal with specific matters pertaining to preparation of the agreement on establishment of the industrial zone in the Suez Canal area," Nikitin said after talks with Ahmed Darwish, Chairman of the General Authority for Suez Canal Economic Zone.

Russian specialists "will directly deal with final planning of limits of the area, where the Russian industrial zone will be set up," Nikitin said. Furthermore, "there is a need to discuss phases of the zone commissioning to fix price conditions, leasing benefits and certain other financial and economic conditions," he added.

The team of Russian experts will also consider the commercial contract, the official said. "We will have two documents - the agreement and the commercial contract between the [Russian] management company and the General Authority for Suez Canal Economic Zone in respect of land use matters," Nikitin said.

"Provisions of this contract should be discussed by the parties prior to signing the intergovernmental agreement," he added.

Russia expects the agreement with Egypt on establishment of a Russian industrial zone in Egypt’s territory will be concluded during the St. Petersburg International Economic Forum (SPIEF) in early June, Nikitin told TASS earlier.

The memorandum on establishment of the Russian industrial zone was signed last February. The project provides for a special area with a preferential taxation regime for Russian resident companies. The zone specialization stipulates localization of Russian industrial companies from machine-building, pharmacy, modern technologies and agriculture spheres.

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