Putin: Russia sees $7 bln investment in industrial zone in Egypt

CAIRO, Dec 11 (PRIME) -- Combined investment in Russia’s industrial zone in Egypt may reach U.S. $7 billion, Russian President Vladimir Putin said in a news conference on Monday following his meeting with his Egyptian counterpart Abdel Fattah el-Sisi.

“We also studied another promising project, the creation of a Russian industrial zone in Egypt. We assume that it will become one of the largest regional centers for production and exports of Russian goods to the markets of the Middle Eastern states and Africa. Leading Russian companies already expressed interest in the project. We expect the amount of combined investment in the project to reach $7 billion,” he said.

He also said that Russia is ready to cover Egypt’s demand for grain. In January–September, Russia exported about 5.5 million tonnes of grain to Egypt, he said.

“We discussed cooperation in agriculture. Egypt is one of major buyers of Russian wheat,” he said.

AIR TRAVEL

Russia and Egypt have discussed actions necessary to restore direct air travel between the countries, and Moscow wants to sign an agreement to restore the air travel soon, Putin said.

“Mr. president and I discussed the algorithm of further joint actions aimed at restoration of a direct air travel…We will need to sign a corresponding intergovernmental protocol. We will try to reach the goal of signing it as soon as possible,” he said.

“Direct air travel between our countries was suspended after the terrible tragedy in the skies over the Sinai (Peninsula) in October 2015. Since then, the Egyptian side has carried out a lot of work to increase the level of security in the airports.”

Russian Transport Minister Maxim Sokolov said that Russia is ready to sign the protocol already this week, and Moscow is waiting for Egyptian officials to visit.

“We will be ready to make that on behalf of the Transport Ministry and the government already this week,” he said, adding that the agreement has not been formalized yet. “It will take us a day or two to check its compliance with procedures of the Foreign Ministry, and I am waiting for my Egyptian colleagues in Moscow.”

The first flight from Moscow to Cairo may take place at the beginning of February 2018, as it will take about a month and a half for the governments to launch the flights after signing the protocol.

“The text of the intergovernmental protocol, of which the president has spoken, has been preliminary coordinated with the Egyptian side, it passed coordination and we issued all necessary railings and assumed all powers. The issue of signing depends on the speed of the Egyptian side,” he said.

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