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Egypt, Russia to sign MoU to establish industrial zone in Suez Gulf area

Ahram Online , Monday 25 Jan 2016
Sisi and Putin
Russian President Vladimir Putin, right, listens to Egyptian President Abdel Fattah El-Sisi during their meeting in the Kremlin in Moscow, Russia, Wednesday, Aug. 26, 2015 (AP)
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A Russian delegation headed by minister of trade and industry is scheduled to meet Egyptian counterparts next week to sign number of MoUs between both countries, including a deal to build a Russian industrial zone in Egypt’s Suez Gulf area, Egyptian ministry of trade and industry stated on Sunday.

The Russian delegation will include representatives of 60 major companies.

The meeting marks  the 10th session of the Egypt-Russia intergovernmental economic committee.

The Russian Direct Investment Fund (RDIF) is also expected to agree with Egyptian banks to finance future projects to be carried out by private sector in the two states.

President Abdel Fattah El-Sisi has stressed that he "looks forward to taking the first steps towards a Russian industrial zone in the Suez Canal area."   

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KlausLondon
26-01-2016 01:47pm
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12+
Industrial Zone?
Can anybody explain to me why Russia would need an "industrial zone" in Egypt? they have the largest landmass in the world, with plenty of space to build industrial zones in Russia. If they can't establish a diversified economy in their own country, why would they be any better at it here in Egypt? What is the real objective behind this "zone"? Would it not be better to invite Germany or France to establish an industrial zone, who have a proven expertise in such things. But of course, german companies are forbidden by german laws to pay kickbacks to local officials.
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Al
25-01-2016 04:42pm
18-
4+
A Russian base in Egypt?
President Abdel Fattah El-Sisi has stressed that he "looks forward to taking the first steps towards a Russian industrial zone in the Suez Canal area." Why there are no details on this "Russian Industrial Zone" on the canal? what industries? what are the terms? ... Is Egypt so stupid to grant Russia a military base in Egypt after they said no to the Americans?
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Sam Enslow
26-01-2016 05:36am
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Discussions only
The most difficult thing to do is get an Egyptian to say what he wants and to nail down specific terms. The number of meetings required to reach a MOU or Agreement in Principle is not important.
Delleo
25-01-2016 09:18pm
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105+
Get real
How the hell did you interpret an "Industrial Zone" as a military base? How can someone mobilize military forces from an Industrial Zone? Are you that dense? By the way, China and many other countries are going to build Industrial zones in the Suez Canal area, that doesn't mean anything other than job opportunities for Egyptians. And are you seriously expecting specifics and details in an MoU? Get real.
Al
25-01-2016 08:55pm
52-
2+
Thanks LegalZoom :)
One is perfectly aware what an MOU means. If one read the article closely one would find out that the 2 parties met 10 times so far for this venture. After 10 meetings, there is more to it than an LOI, MOU, or a good idea. One never trust the hidden agenda of the Russians and the desperation of Sisi's government!
Sam Enslow
25-01-2016 07:24pm
1-
25+
MOU - not contracts
MOU's mean nothing. Contracts mean actions are required. MOU's mean,'It sounds like a good idea.' No more.
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