Is the Russian Industrial Zone back on?

Is the Russian Industrial Zone back on? Cairo expects to sign an agreement with Moscow on the Russian Industrial Zone before the year is out, Trade and Industry Minister Tarek Kabil said on Tuesday. Kabil’s statements following a meeting with Russia’s Deputy Industry and Trade Minister Georgy Kalamanov. Early last month, Russian Trade Minister Denis Manturov surprised us all with the announcement that Moscow had postponed the signing of the agreement to establish an industrial zone in Port Said until early 2018 pending further review and amendments. Recently, Kalamanov said that his government has finished drafting the “executive work plan” for the project, according to a ministry statement picked up by Reuters. The USD 190 mn project is hoped to bring in around USD 7 bn in investments, said Kabil.