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Russia expects deal on industrial zone in Egypt to be signed by fall

May 30, 18:48 UTC+3

Russia expects to sign an intergovernmental agreement governing establishment of a Russian industrial zone in Egypt by this fall

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MOSCOW, May 30. /TASS/. Russia expects to sign an intergovernmental agreement governing establishment of a Russian industrial zone in Egypt by this fall, Minister of Industry and Trade Denis Manturov told reporters on Tuesday.

"I spoke yesterday with [Egypt’s Minister of Trade and Industry] Tarek Kabil. He believes it is fundamentally important to finalize all regulatory acts at the completion stage in Egypt now," Manturov said.

This will provide "substantive" content for Egyptian minister’s visit to Russia with already prepared draft intergovernmental agreement, the Russian minister said. "We have almost agreed upon it," Manturov added.

The visit of the Egypt’s minister to Russia is planned within the coming month. The parties will then be able to finalize the document. "The process is rather bureaucratic but I hope finalizing and signing will be before fall," Manturov said.

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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