CAIRO, March 20. /TASS/. Russia and Egypt have signed a protocol amending their agreement on the Russian industrial zone, Deputy Prime Minister and Industry and Trade Minister Denis Manturov said on Monday.
He was speaking at a meeting of the Russian-Egyptian commission on trade, economic, scientific and technical cooperation.
The changes will allow resident companies to sell products manufactured in the Russian industrial zone on the Egyptian market, he said.
Also, another 50 hectares will be added to the main site, Manturov noted.
"We have defined a new site, as well as made a number of other changes that allow the sale of products manufactured in this zone, including on the Egyptian market, which is very important both for colleagues and our companies," he said.
"This is 50 hectares, in addition to those 500 hectares that will be developed in the future after [the territory’s] recultivation," he said, answering a question about an additional plot.
As the press service of the Industry and Trade Ministry specified, the construction of facilities on the territory of the Russian industrial zone will start next year. Ready-made industrial infrastructure facilities will be located there for rent. Besides that, large companies will be able to build their own facilities.
In 2018, Russia and Egypt signed an intergovernmental agreement on the creation of a special zone in the east of Port Said. The zone provides for a simplified tax regime for Russian resident enterprises. The full implementation of the project is expected to take 13 years. It was planned that resident companies would receive rental holidays, preferential tariffs for energy resources, a special preferential tax regime, as well as a finished site. The start of construction of the industrial zone was scheduled for 2020, but the deadlines have been shifted due to the new coronavirus pandemic.