Russia invests in its “economic image” in Middle East and Africa

Russia invests in its “economic image” in Middle East and Africa
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By 2035, Russian governmental and private entities will have invested $4,6 bln in the construction and equipping of Russia’s industrial zone in the area of Port Said in Egypt.

This figure has been voiced at a session of the project working party at the Russian Ministry of Industry and Commerce. According to the available data, 77,591 jobs to be created in the industrial zone. Construction of a seaport is also envisaged.

The residents’ proceedings from their activity will amount there $11,6 bln. Within the project, a Special Economic Zone will be established with an area of 2000 hectares for Russian resident enterprises with easier tax regime.

The SEZ’s specialization provides for localization of major Russian enterprises producing heavy vehicles, petrochemicals, construction materials, as well as operating in the area of energy and medicine. In general, it will be the image of Russia’s economic presence in the Middle East and Africa.

The start of the Russian industrial zone operation is scheduled for December 2018. In particular, such internationally known companies, as KAMAZ, Gazpromneft and Tatneft will participate in the project.