Russia unveils master plan for its industrial zone in Egypt

ArabFinance: Russia uncovered the master plan for its industrial zone to Suez Canal Economic Zone officials during an official visit to Egypt on November 14^th-16^th, Russian News Agency Tass reported.

The master plan of the Russian industrial zone was developed by the Association of Industrial Parks of Russia.

The management of the main directorate of the Suez Canal economic zone highly appreciated the master plan of the project and will soon start its official approval, Roman Chekushov, head of the department for international cooperation and licensing in foreign trade at the Industry and Trade Ministry, commented.

Following negotiations with Yehia Zaki, Chairman of the Main Directorate of the Suez Economic Zone, the main terms of the development contract were signed, including the lease period for the land plot, its size and coordinates, the deadline for the completion of the site preparation by the developer for the location of resident production facilities, as well as the rental rate.

In July, the Industry and Trade Ministry agreed and initialed the text of the protocol on amending the intergovernmental agreement on the creation and provision of conditions for the operation of the industrial zone, approved the roadmap for joint actions of the parties to launch the zone.

In 2018, Russia and Egypt signed an intergovernmental agreement on creation of a special zone in the east of Port Said with a simplified tax regime for Russian resident enterprises.

The full implementation of the project is expected to take 13 years. It is planned that resident companies will be able to start producing products as early as 2022. They will receive rental holidays, preferential tariffs for energy resources, a special preferential tax regime, and a ready-made site.