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An industrial zone to be established on the Mediterranean coast - 12 April 2007
12-04-2007 - EGYPT
Source :
Country from : Egypt
Activity :
Other or not specified, Car manufacturers or suppliers |
According to AmCham Egypt:
"The zone 'is expected to attract investments of around 550 million dollars and generate 700 million dollars of exports over the next five years,' a trade ministry statement said.
Egyptian Trade Minister Rachid Mohamed Rachid and Russian Minister of Industry and Energy Viktor Khristenko signed the memorandum of understanding.
'Egypt can be Russia's gateway to the region: Russian manufacturers who set up factories in Egypt will gain duty free access to markets in Europe, Africa and the Middle East through Egypt's basket of preferential trade agreements,' Rachid said in the statement.
Egypt and Russia also signed three memorandums of understanding (MoUs) covering cooperation in the fields of exploration for oil and natural gas and mining for gold. The two sides also approved setting up joint ventures to manufacture equipment used in petroleum industries in Egypt.
Following his meeting with Khristenko, Minister of Petroleum Sameh Fahmi said there is an Egyptian-Russian understanding to increase bilateral cooperation in oil and gas domain especially, after the success of Russian companies operating in oil and gas domain in Egypt.
Egypt has adopted a new eastward-looking strategy in recent months, shifting the focus of its trade development from its traditional Western partners. It signed a string of deals with China and is currently in talks with Russia to reach a free trade agreement. In March, it created a private sector company to boost trade with Kazakhstan."
For further information: AmCham Egypt |
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