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Egypt, Russia to build Suez Canal industrial zone

Egypt, Russia to build Suez Canal industrial zone
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Egyptian President Abdel Fattah El-Sisi stated that his talks with Russian President Vladimir Putin reflected the aim of developing strategic cooperation between the two countries. 

We are looking forward to establishing a Russian industrial zone in the area of Suez Canal, as well as executing ambitious projects, El-Sisi said during the press conference held in the Kremlin, Moscow.

Exerting more efforts is being sought to increase the Egyptian-Russian trade exchange by founding a free trade zone between Egypt and the Eurasian Union, said Putin.

The Russian President hoped that the investment fund expected to be founded by Russia, UAE, and Egypt would help in enhancing investments and promoting trade exchange.

Egypt is looking forward to benefiting from Russia's experience in the peaceful use of nuclear energy, Sisi said. He added that his country also awaits further military cooperation with Russia in fighting terrorism in the Middle East region.

Building the first nuclear power plant in Egypt by drawing on Russian expertise was one of the megaprojects signed between the two countries.

Putin added that Egypt is the biggest consumer of Russian wheat, as it imported 4 million tons to cover 40% of its demands for the strategic product.