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Thursday, 10 October 2019

55 Russian manufacturers show interest in the RIZ

Fifty-five Russian manufacturers want to get in on the RIZ: Fifty-five Russian manufacturers have expressed interest in setting up shop in the USD 7 bn Russian Industrial Zone (RIZ), Russian Industry and Trade Minister Denis Manturov told Egyptian counterpart Amr Nassar yesterday, according to a Trade Ministry statement (pdf). Moscow has committed to invest up to USD 190 mn in developing infrastructure for the zone, which is expected to produce USD 3.6 bn worth of products by 2026. The two ministers also discussed the ongoing negotiations for a trade agreement between Egypt and the Eurasian Economic Union (EAEU).

Manturov also met President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly for economic and cultural talks yesterday. Manturov is in Cairo for a two-day visit heading a business delegation for a joint forum to discuss cooperation in various fields. The delegation leaves later today.

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