Russia & China invited to invest in industrial zones
17 Mar '07
1 min read
With the aim of attaining status of export hub for Africa, Europe and the Middle East, Egypt plans to develop industrial zones for Chinese and Russian manufacturers.
According to Minister for Trade and Industry, Rachid Mohamed Rachid, local officials held talks with China during 2006 to sign contract for a Chinese industrial zone here.
Chinese textile, electronics, leisure goods and automobile enterprises keen to invest in the zone, will be facilitated by their Government. Egyptian trade officials want to lure minimum 100 Chinese firms to attract US $100 million investment for the zone initially.
Rachid will visit China within July 2007 and declare locations for selected industries.
Rachid will also ink a protocol with Russian ministers for another zone in April. He will elaborate on measures to make the zone functional.
This industrial zone will be built on Egypt's Mediterranean coast over an area of one million square meters. An investment of $1 billion is expected from about 60 to 80 Russian companies dealing in chemicals and metallurgy.
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