(MENAFN)According to Egyptian Trade and Industry Minister Neveen Gamea, Cairo and Moscow are preparing to hold talks on the building of a Russian industrial zone in the Mediterranean city of Port Said.
Gamea stated, marking the end of a gathering of the Russian-Egyptian Intergovernmental Commission on Trade, Economic, Research and Technical Cooperation that “In the near future, the sides will begin negotiations on the practical steps to create an industrial zone”.
The minister stated that introduction of the industrial zone would open access for Russian goods to a lot of markets through localization of manufacturing sites for a variety of financial sectors.
“The ambitious project is a huge step towards strengthening economic partnership,” she added, stressing that the area of the zone is around 5.2 million square meters with investments anticipated to hit USD7 billion.
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