(MENAFN) The creation of a Russian industrial zone in PortSaid was approved by the Egyptian government as it boosts bilateral economic relations between the two countries.
The project, situated near the Suez Canal, is estimated at USD7 billion.
During the early stages of discussions on the project between the Russian Industry and Trade Minister Denis Manturov and Egyptian Minister for Military Production Mohammed el Assar, Russian part stressed the key role the project will play in bilateral economic relations between the countries. It is expected to be in high demand, both within Egypt and beyond.
An official from the Russian Ministry of Industry and Trade recently said that Russia is planning to build similar industrial zones around the world, covering the most promising regional markets. The ministry is currently discussing the creation of a similar industrial zone in Uruguay.
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