Construction of Russian industrial zone in Egypt underway: Russian FM

Construction of Russian industrial zone in Egypt underway: Russian FM

MOSCOW (Rahnuma): The construction of the Russian industrial zone in the area of Suez Canal has begun, according to Russian Foreign Minister Sergey Lavrov.

Trade between Russia and Egypt is increasing, currently exceeding 6.5 billion U.S. dollars, Lavrov wrote in an article for Egypt’s state-run Al-Ahram Daily newspaper, quoted by Sputnik news agency on Saturday.

Besides the industrial zone, a Russian-style nuclear power plant in the northern coastal town of El Dabaa also has started its construction, according to Lavrov.

The diplomat praised the work of intergovernmental commissions on trade and economic and defense industry cooperation.

Russia was ready to boost coordination with Egypt on various multilateral platforms for maintaining peace and security in the Middle East, added Lavrov.

In late May, the Egyptian and Russian governments signed in Moscow, an agreement to build a Russian industrial zone on an area of 5.25 square km in the SCZone, with investment estimated at 7 billion dollars.

The Suez Canal Corridor development is one of Egypt’s mega national projects that the country counts on to attract foreign investments and boost economy after years of slowdown.

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