The Russian Industrial Zone (RIZ) in Egypt was presented in the World Trade Center on February 19, 2019.
The Chairman of the General Authority for Suez Canal Economic Zone and the Chairman of the Suez Canal Authority Mr. Mohab Mamish, the Deputy Chairman of the General Authority for Suez Canal Economic Zone Mr. Mohamed Braia, the Deputy Minister of Industry and Trade of the Russian Federation and the Head of the Working Group on monitoring of the progress of project on enabling the operations of the Russian Industrial Zone in the Arab Republic of Egypt Mr. Vasiliy Osmakov, and the CEO of Russian Export Center Mr. Andrey Slepnev participated in the event.
The RIZ is located in the north of Suez Canal Economic Zone, in close vicinity to Port Said and the northern entrance of the Suez Canal. The intergovernmental agreement reserves the area of 525 hectares for the RIZ for 50 years. The first project stage (reclamation and development of 100 hectares) will be implemented during the next 4-5 years. The residents will be able to enjoy the benefits of advanced engineering and utility infrastructure, including the roads, security perimeter, water, and electrical connection points. The manufacturers will be able to choose either a basic area for own site development (so-called greenfield) or an area with the production facilities ready for outfitting (brownfield).
During the event, the representatives of Russian and Egypt authorities demonstrated the structure, plans for RIZ development, specifics of tax and customs regulations applied to RIZ residents. Russian and Egypt experts answered the questions of the companies, which are going to become RIZ residents.
Besides, today, the first Letters of Intent were signed with such Russian companies as Hevel JSC, MetaPromTech LLC, BOOS LIGHTING GROUP LLC, Energomera Electrotechnical Plants JSC, Shchelkovo Agrokhim JSC, AgroIdea LLC (Tatneft Group), EcoTechnoCenter Research and Production Site, LLC, which are going to join the RIZ.
To say the least, it is the first infrastructural project of this kind launched by Russian Export Center. The residents of the Russian Industrial Zone will enjoy the key benefits offered by Suez Canal Economic Zone, which include the proximity to the most important logistic channels, multiple commercial agreements with Egypt, simplified procedures to conduct the business and a single-window system to solve business issues. In the future, the RIZ will become an outpost to be used to promote Russian goods and services in the region, boosting the economic growth of Russia and Egypt. REC’s role and key objective within the project are to provide Russian business with maximum support, comfortable and favorable terms of integration into the RIZ, ample opportunities for export and re-export of goods to Egypt and other countries in the region
Andrey Slepnev emphasized that the residents of the RIZ may completely rely on the assistance of Russian Export Center.