A high-ranking Russian delegation seeking investments in the Suez Canal Economic Zone (SCZ) during a toured of the Russian Industrial zone (RIZ) at the SCZ on Monday, 30 August 2021 (Photo: Suez Canal Economic Zone)
A high-ranking Russian delegation seeking investments in the Suez Canal Economic Zone (SCZ) toured on Monday the Russian Industrial zone (RIZ) at the SCZ.
The delegation comprised representatives from the Russian Ministry of Industry and Trade, the National Institution for Development as well as representatives from Russian companies and investors.
The visit comes only one month after a preliminary deal was reached between Egypt and Russia's authorities to expand the RIZ into East Port Said and the Ain Sokhna industrial zone over an area of more than 5 million square metres.
In July, the Suez Canal Economic Zone announced the success of the discussions and negotiations with the Russian side about expanding the Russian Industrial Zone to include East Port Said and the Sokhna zone.
The first phase of the project will include an extension of 1 million square metres in East Port Said and 500,000 square metres in Ain Sokhna.
The Russian Delegation took a tour inside the industrial zone to start the first stage of the Russian investments in an area of 1 million square metres in East Port Said and 500,000 square metres in Ain Sokhna, a statement by the SCZ read.
The zone is receiving requests from Russian investors to invest in Sokhna in various industrial sectors, the SCZ's statement added.
A final contract for establishing a company to manage the zone is set to be signed by the end of this year, according to a previous statement of the SCZ.