Egypt and Russia are set to ink an intergovernmental agreement on Wednesday, May 23, to establish an industrial zone in the East Port Said region, aiming to attract USD 7 bn worth of investments, Invest-Gate reports.

Russia’s Minister of Trade and Industry Denis Manturov and his Egyptian counterpart Tarek Kabil, Minister of Trade and Industry, will sign the agreement on setting up the Russian Industrial Zone (RIZ) during the 11th meeting of the joint governmental committee, according to a statement released by the Russian Ministry of Industry and Trade on Friday, May 18.

The Russian Trade Ministry describes the planned agreement as a historic milestone in the development of bilateral ties between Russia and Egypt that will enable Russian companies to launch local manufacturing and promote high technology products for the high-potential markets of the Middle East and Africa.

Having been under discussions since 2014 between both countries, RIZ will be implemented on a 5.25 mn square meter land plot over three phases.

RIZ is set to be an international hub for producers aiming to export to Africa, the Middle East, and Europe, and it is also expected to generate 35,000 jobs, the statement adds.