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Russia to complete its industrial zone in Ain Sokhna by end of 2021

Russia to complete its industrial zone in Ain Sokhna by end of 2021

ArabFinance: Russia will complete its industrial zone in Ain Sokhna within the next five months, SCZone Chairman Yehia Zaki told Sputnik during his visit to Russia on July 28th.

Russian companies now have the right to set up shop in the SCZone after the two sides signed an appendix to the 2018 agreement during the visit.

It also lifts restrictions on Russian companies that previously limited their ability to sell products in the Egyptian market.

Now, as many as 100% of products manufactured by Russian companies in the SCZone can be sold in Egypt.

The 50-year agreement was signed in Moscow in May 2018, before being ratified by President Abdel Fattah El Sisi almost a year later.

In June, Russia revealed plans to establish its second industrial zone in Egypt in Ain Sokhna.

 

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