MOSCOW, September 27. /TASS/. The Russian industrial zone under setup in Egypt will help entering new and underpenetrated markets, a spokesman of the Russian Export Center told TASS on Friday.
"Large-scale plans of entering markets that are new and underpenetrated by Russian manufacturers - African, Middle Eastern and South Asian - require a strong and reliable ‘entry point,’ and we hope that the Russian industrial zone under development in the Economic Zone of the Suez Canal of Egypt will assume the role of such stronghold on the African continent. This is literally the first infrastructural ‘mega project’ of such kind launched by the Russian Export Center. The process of creating a comprehensive industrial park for Russian companies entering the market of Egypt, its close neighbors and other countries of the Middle East and African region will be initiated in five coming years on the plot with the area of 525 hectares," he said.
The Russian industrial zone project stipulates creation of a special zone with preferential fiscal conditions for Russian resident companies. The zone will be located in the east of Port Said in Egypt. The planned Russian state investments into the development of primary infrastructure will be about $190 mln, while the projected total amount of private investments throughout implementation of this project is estimated at approximately $7 bln. Russia’s Ministry of Industry and Trade expects the project’s implementation to take about 13 years, and resident companies will be able to manufacture production worth $3.6 bln annually as early as by 2026.