Egypt Daily News – Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade, and Anton Alikhanov, Russian Minister of Industry and Trade, attended the signing ceremony of the usufruct contract for the Russian Industrial Zone in the Suez Canal Economic Zone. This marks one of the most important steps toward activating and operating the zone, which aims to attract investments from Russian companies in several key industrial and technological sectors.
The signing comes as a follow-up to President Abdel Fattah El-Sisi’s recent visit to Russia to participate in Victory Day celebrations last week, and as part of the ongoing Egyptian-Russian Joint Committee meetings in Moscow this week.
Importance of the Russian Industrial Zone in the Suez Canal Economic Zone
The minister stated that the Russian Industrial Zone will be a vital platform for Russian industry in Egypt and across the African continent. He emphasized the Egyptian government’s commitment to providing all necessary support to complete the procedures related to this strategic project.
Russian Business Community and Direct Investment
El-Khatib called on the Russian business community to increase direct investment in the Egyptian market, contributing to technology transfer, technical cooperation, and mutual benefit. He expressed his hope for Egypt to become a hub for Russian investments in the Middle East and Africa.
Encouraging Russian Companies to Invest in Egypt
The minister added that Egypt is keen to see more Russian companies investing in its market, taking advantage of its attractive investment environment and the comprehensive incentive system offered by the Egyptian government across various sectors.
He also noted that Egypt’s investment climate has undergone numerous institutional reforms aimed at simplifying and streamlining procedures for investors. These reforms have resulted in positive outcomes in terms of company formation, reducing time and cost, and easing the launch of business operations.
