The agreement to establish the Russian industrial zone in Egypt is planned to be signed next May, the minister of trade and industry Tarek kabil said on Thursday.

“Details for establishing the zone is being finalized nowadays with the Russian side and the final signing of the agreement would be during the meetings of the joint Egyptian-Russian committee in Moscow next May”, Kabil added in a statement sent to Aswat Masriya.

The Russian industrial zone “would represent a new launching pad for the strategic relations between Egypt and Russia”, the minister said.

This came during a meeting with Gleb Naikitin the First Deputy of the Russian Minister of Trade and Industry and a delegation of Russian businessmen representing 35 companies operating in the automotive, pharmaceutical and petroleum equipment, iron and energy fields.

Kabil said that the Egyptian-Russian Business Council will hold a meeting on the sidelines of the joint committee in Moscow, to discuss a number of joint projects that can be implemented between businessmen in both countries during the next phase.

The trade exchange between Egypt and Russia reached about $ 4.2 billion last year, with Russian investments in Egypt about $ 63 million in 408 projects operating in the sectors of tourism, construction and services industry, according to the statement.

The statement pointed out that Russia is ranked 47 among countries investing in the Egyptian market.