Transmashholding, EFKO Group and Gazprom Neft to Become Residents of the Economic Zone in Egypt


Three Russian companies – Transmashholding (chaired by Andrey Bokarev), EFKO Group and Gazpromneft-Snabzhenie LLC will become key residents of the Russian industrial zone in Egypt, – reports the press service of the Ministry of Industry and Trade of the Russian Federation in reference to Minister Denis Manturov.

“It should be noted that three major Russian companies – Transmashholding, EFKO Group and Gazpromneft-Snabzhenie LLC – have confirmed their intention to become key residents of the Russian industrial zone in Egypt and to actively develop this project. This will give additional impetus to the implementation of our joint initiative”, – said Mr. Manturov after his meeting with the Egyptian Foreign Minister Samekh Shukri.

It should also be noted that between July and September 2020 Transmashholding has already delivered 102 railcars to Egypt under a contract signed between the two countries, with another 35 railcars to be delivered to Alexandria in early November.

Manturov also stated that the Russian Federation is ready to establish cooperation with Egypt both in the supply of Russian coronavirus vaccines, clinical trials and possible localization of their production. “The respective work has already been carried out for several months by the Russian Direct Investment Fund. An agreement for vaccine supply has been signed with the Egyptian partner, the Pharco holding company”, – said the Minister.

In 2018 Moscow and Cairo signed an intergovernmental agreement for the creation of a Russian industrial zone in Egypt. The project provides for the creation of a special zone with a simplified tax regime for Russian resident companies. The first stage of the creation of the zone, which will be part of the Suez Canal Economic Region, provides for the development of 5.2 million square meters of land, which will be leased on preferential terms for 50 years.

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