Egypt, Russia to ink industrial zone deal Wednesday

Egypt and Russia are scheduled to sign a joint deal on Wednesday, for the development and operation of an industrial zone in Port Said, expecting to attract $7 billion investments, Ahram Online reported Monday.

The agreement will be signed between Tarek Kabil, the Egyptian Trade Minister and his Russian counterpart Denis Manturov, during the 11th meeting of the joint Egyptian-Russian commission.

The Russian Trade Ministry described the upcoming move as a "historic milestone in the development of bilateral ties between Russia and Egypt," the news website said.

The industrial zone has been under negotiation since 2014. It is set to act as an international hub for producers aiming to export to the Middle East, Europe and Africa and projected to create 35,000 jobs.

The meeting will also see talks over boosting ties in several fields, including energy development. It will also cover Egypt's first-ever nuclear power plant at Dabaa, which is being built in cooperation with Russia on Egypt's North Coast, Ahram Online added.

Last year, trade volume between the two countries reached a total of $6.712 billion. Current Russian investments in Egypt were estimated at $66.49 million at the beginning of the current year.