Minister of Commerce, Industry and Investment Mounir Fakhry Abdel Nour said the Russian government agreed after a hiatus of three years to resume negotiations on a free trade agreement between Egypt and the Eurasian Customs Union, which includes Russia, Kazakhstan and Belarus, for Egypt to import liquefied gas to meet its market needs.
Abdel Nour also said that the Egyptian-Russian Joint Trade and Economic Cooperation Commission agreed to establish a Russian-Egyptian industrial zone.
“Russia is renovating the factories it had built in Egypt,” he said, pointing to the iron and steel factory in Helwan, the Nasr Automotive Company and the aluminum factory in Naga Hammadi.
The minister added that Russia also agreed to develop the High Dam power plants.
“We agreed to encourage Egyptian and Russian companies to invest in projects in both countries and provide employment opportunities and advanced technologies,” he said. “We will also join Russian companies in international bids.”
Edited translation from Al-Masry Al-Youm