Major Russian Company seeks investing in Port Said

The Russian company of Rostselmash, among the world’s largest agricultural equipment producers, announced on Monday that it seeks inking an agreement to take part in the Russian industrial zone that is due to be implemented in eastern Port Said in Egypt during the current year.

Konstantin Babkin, the co-owner of Rostselmash told Sputnik news agency that his agricultural equipment firm is currently working on reaching an agreement to invest in the Russian industrial zone set to be established in Egypt.

Rostselmash announced in January 2017 that it sent the first batch of the agricultural equipment to the Russian industrial zone in Egypt.

In Feb. 2016, Russia and Egypt inked an agreement to set up a Russian industrial zone in Egypt.

The Suez Canal Authority revealed in December that the Russian industrial zone is set to be established on an area of five million square meters with investments of dlrs seven billion.

The Russian zone aims to create an international hub for manufacturers with easy access to exporting goods to African and European markets, will be built in three stages that would take about 13 years with the first stage to be launched early in 2018. (MENA)