Egypt witnessed on Thursday, 21st February, an agreement on the establishment of a crane factory in the Russian industrial zone in the Suez Canal area, reports Xinhuanet.
Contract Details
- The deal was signed by Russia’s leading crane company SMM and the Russian Export Center, a state export support institution, the Suez Canal Authority said in a statement.
- Mohab Mamish, chairman of Egypt’s Suez Canal Authority and the Suez Canal Economic Zone, is currently in Russia and held talks with SMM deputy CEO and the company’s general director on means of enhancing bilateral cooperation, according to the statement.
The SMM deputy CEO expressed desire to tap into the Egyptian market through pumping investments into the Russian industrial zone, the statement said.
Expected Outcome
Agreed upon in May 2018, the Russian industrial zone is set to be established over three phases on a 5.25-million-square-meter plot of land. Mohammed Shehata, head of Egyptian Transport Association, said the Russian Industrial Zone is expected to increase investments in the Suez Canal axis. “The project will pump billions of U.S. dollars into Egypt. It will also create thousands of jobs,” Shehata told Xinhua.
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Source: Xinhuanet
