A protocol on the establishment of a Russian industrial zone at Egypt’s Suez Canal Axis will be signed by the industry ministries of the two states Tuesday, Youm7 reported.
Prime Minister Sherif Ismail will also meet with a Russian delegation visiting Egypt on the sidelines of the Egyptian-Russian business council.
A Russian trade and industrial delegation visited Egypt last July to select a location to set up the industrial zone, after President Abdel Fatah al-Sisi had announced in February 2015 that he and his Russian counterpart Vladimir Putin reached a deal to establish a free trade zone.
The delegation comprised 20 representatives from Russian major companies in the fields of transportation, agriculture, civil aviation, heavy industry, shipbuilding, energy and telecommunications.
Egypt has embarked on an ambitious plan to develop the Suez Canal Axis to attract major investments; Egyptian ministers have held talks with numerous European and Asian countries to invest in the promising area.