Eight Russian companies signed on February 20 memorandum of understandings (MoUs) with Andrey Slepnev, director general of the Russian Export Center, in the attendance of Chairman of Egypt’s Suez Canal Authority and General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamish, to operate in the Russian Industrial Zone, east of Port Said, Invest-Gate reports.

Mamish announced that other companies are willing to participate in the zone and open production lines in the fields of medicine, fertilizers, marine, oil, gas, amongst others, according to an official statement.

Under the deal, the Russian companies will start implementing their projects starting from 2020 within the framework of the first phase of the industrial zone, which covers an area of 5.25 square kilometers with investments of USD 6.9 bn and will be executed over three phases within 13 years.

Mamish stated that the zone is set to be a platform for Russian exports to Europe, Africa, and the MENA region, due to its prominent location in east Port Said, as well as, Egypt’s free trade agreements with a number of countries. It will also serve as a significant addition to the country’s economic zones and will raise its classification within other similar developments around the world.