Egypt and Russia signed Thursday a long-awaited usufruct agreement to establish the Russian Industrial Zone (RIZ) in Suez Canal Economic Zone (SCZone), marking a key milestone in deepening bilateral economic ties and expanding Russian manufacturing presence in Africa. Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib and Russian Minister of Industry and Trade Anton Alikhanov witnessed the signing during meetings of the Egyptian-Russian Joint Committee in Moscow, capping a week of high-level diplomatic activity following President Abdel Fattah El-Sisi's recent visit to Russia. "The Russian Industrial Zone will be a vital platform for Russian manufacturing in Egypt and across Africa," Minister El-Khatib said, adding that Egypt is committed to providing all necessary support to fast-track the zone's activation and operation. The industrial zone, located within the SCZone, aims to attract investments from Russian companies in key industrial and technological sectors. Minister El-Khatib called on Russian businesses to increase investment in Egypt, highlighting opportunities for technology transfer, technical cooperation, and mutual growth. He also emphasised that Egypt has implemented wide-ranging institutional reforms to improve the investment climate, including simplifying company registration procedures and offering a competitive incentive framework. Egypt hopes the new zone will position the country as a strategic base for Russian investors seeking access to markets in the Middle East and Africa. Attribution: Amwal Al Ghad English
