A bigger, better RIZ
Russia is getting one super-sized RIZ: Egypt and Russia agreed last Thursday to expand the scope of the Russian Industrial Zone (RIZ) within the Suez Canal Economic Zone (SCZone), according to a statement. The two sides inked an agreement that will hand Russian companies an additional 5 mn square meters distributed between East Port Said and Ain Sokhna. The pact came after two days of meetings in Moscow.
A new Russian company will be established by the end of the year to manage the RIZ, ahead of the zone’s completion in the next five months. The SCZone team in Moscow met with Russian firms in the transport, pharma, and fertilizer industries interested in setting up shop here.
A Russian delegation will visit RIZ next month. Russian companies that have expressed interest in setting up shop in SCZone will visit RIZ by September.
Egypt is now offering better terms: An agreement signed last week will allow Russian companies to sell up to 100% of their locally-made products in the Egyptian market.
ALSO FROM THE SCZONE-
Chinese home appliances giant Midea Group, a Fortune Global 500 company, will establish a USD 25 mn factory in China’s TEDA industrial zone, and on Friday laid the foundation stone for the facility, the SCZone said in a statement. The factory will produce 1.5 mn washing machines each year for export to the Middle East, Africa, the EU and the US, with the facility slated for completion at the end of 2022.