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Tuesday, 20 October 2020

Russian industrial zone in Egypt to begin production in 2022- ambassador

The Russian Industrial Zone (RIZ) is expected to be up and running in 2022, provided final talks to establish the zone are completed next year, Russia’s ambassador to Egypt Georgy Borisenko said in an interview with Al Akhbar. As many as 32 Russia-based companies are interested in setting up factories and “major” silos in the RIZ, and can begin production at that time if the negotiations are finalized, Borisenko said. Egypt is requiring that 90% of the zone’s workers be Egyptian and that products exported from the zone to countries sharing freetrade zones with Egypt carry the “made in Egypt” tag, Borisenko added. The RIZ was previously expected to go online in 2020 and draw in investments of nearly USD 7 bn.

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