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Russia to build industrial zones in Africa

Russia will be creating industrial zones in Africa and Latin America. The news was announced on May 16 by Russian Deputy Minister of Industry and Trade Vasily Osmakov who spoke at a roundtable meeting on the first results of the International Cooperation and Export national project, at TASS.

“Russia has already signed an agreement on building an industrial zone in Egypt in the economic zone of the Suez Canal. It will become a vanguard for Russia’s exports to Africa and the Middle East. Historically, these are attractive markets for us,” the deputy minister said.

Osmakov added that 17 companies have already signed agreements and are ready to become part of the industrial zone in Egypt.

“Creating economic zones is a common practice in the world and there are hundreds of such zones all over. They are vanguards for entering foreign markets. Today all countries require (from foreign companies – ed.) localizing businesses and creating jobs for locals. This is exactly the purpose of creating economic zones.”

The deputy minister stressed that in the future Russia plans to expand the industrial zone development project to other regions.

“We also want to build (industrial zones – ed.) in Latin America, Southeast Asia and Africa,” Vasily Osmakov said.

As earlier reported, Russia plans to invest $190 mio of national funds in the infrastructure of the industrial zone in Egypt. The estimated amount of private investment in the project is $7 bio.

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