Egypt and Russia signed on Wednesday a deal on establishing a Russian industrial zone in Egypt during a joint governmental committee meeting in Moscow.
Egyptian Minister of Trade and Industry Tareq Qabil said the 50-year deal will be automatically renewed for five consecutive years under the approval of both sides.
Qabil said the deal marks a quantum leap in the strategic relations between Egypt and Russia. It will also foster industrial cooperation and promote investment opportunities.
The Russian industrial zone in Egypt will be set up on 5.25 million square meters under usufruct system.
The zone is expected to attract investments at $ 7 billion, Qabil said, adding that the first stage of the project will cost $190 million.
Under the deal, Egypt will allocate a piece of land for the project in the Suez Canal area in eastern Port Said.
The project will also help tapping new markets for the Russian technological products in the Middle East, Africa, Europe and Latin America, the statement said.