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Russia’s REC to launch industrial complex near Egypt’s Port Said

Thursday 21 February 2019 11:36 AM

Port Said East harbor.
Port Said East harbor.

Russian Export Centre (REC) plans to complete the construction of the first phase of an industrial zone near to Egypt’s Port Said in 4-5 years, according to news portal PortSEurope.

An intergovernmental agreement establishes a land plot with an area of 525 hectares for a period of 50 years. The implementation of the first phase of the project involves the development and construction on 100 hectares. 

Residents of the Russian industrial zone will have access to key benefits provided by the Economic Zone of the Suez Canal – proximity to the most important logistics channels, Egypt’s numerous trade agreements, simplified rules for doing business and the “single window” for solving any issues or problems, the general manager of REC, Andrey Slepnev, said.

The REC has already signed agreements with companies Hevel JSC, MetPromTech LLC, BOOL Lighting Group LLC, Energomera Electrotechnical Plants JSC, Schelkovo Agrokhim JSC, LLC AgroIdea , LLC Scientific and ECOTECHNOCENTER for the launch of facilities at the zone.