Russian Export Center: Moscow Intends to Establish an Industrial Zone in the Suez Canal Area

Russian Export Center: Moscow Intends to Establish an Industrial Zone in the Suez Canal Area

June 22, 2019
Andre Selenov, CEO of the Russian Export Center, declared that Moscow is determined to establish a Russian industrial zone (RIZ) in the Suez Canal Economic Zone in Egypt.

During the 26th annual conference of the African Export-Import Bank (AFREXIMBANK), Selenov stated that the people of the industrial zone would have the privilege of dwelling near the vital transport channels as well as being positively involved in a number of trade agreements and simplified trade legislations with Egypt.

Selenov also assured that by the end of the next five years, they would have transformed this area into an integrated industrial field for the Russian companies.

In the same context, in February 2019 Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and Head of the Suez Canal Economic Zone, witnessed the signing of eight agreements of portfolio of intent with Andre Selenov. These are the first eight agreements of the first eight Russian companies that participate in the Russian industrial zone located east of Port Said city.

In addition, Andre Selenov added that the Russian industrial zone would become a future station to support Russian services and goods transport in Africa.

Moreover, the African Export-Import Bank (AFREXIMBANK) launched yesterday a new strategy to support Moscow’s export trading companies to enter the African market. The Bank took this action during a special session entitled “Promotion of Economic and Commercial Relationships between Russia and Africa.”

Andre Selenov also said that the Russian companies are greatly interested in the African Export-Import Bank’s meetings since the Russian products are distinctive because of their high competitive value. He referred to their plan for they intend to increase the amount of export in Africa, which now possesses tremendous potential as a sales market.

Selenov also said that the Russian non-energy exports have recently increased to $14.3 billion, since Egypt, South Africa, Zambia, Angola, Nigeria, Algeria and Kenya are considered to be the major African consumers of Russian non-commodity exports.

Additionally, experts expect that trade amount between Russia and Africa will double in the next three years for the gross rate of exports has already increased to 18%, registering $17.5 billion.

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