Russia is expected to complete its long-awaited industrial zone in Egypt’s canal city of Ain al-Sokhna within the next five months, Yehia Zaki – Suez Canal Economic Zone’s (SCZone) chairman told Sputnik on Wednesday.
In May 2018, Egypt and Russia signed a 50-year agreement to build a sprawling industrial zone over 5.25 million square metre (57 million square foot) in east of Port Said. Egyptian President Abdel Fattah al-Sisi ratified the agreement a year later.
Russian companies have now the right to establish shops in the SCZone after the two sides signed an appendix to the 2018 agreement. It also lifts restrictions on Russian firms so that they could sell products in the Egyptian market. As many as 100 percent of products manufactured by Russian companies in the SCZone can be sold in Egypt.
