21 Oct 2022 12:32

Mishustin invites EAEU partners to join Russian industrial zone in Egypt

YEREVAN. Oct 21 (Interfax) - Russia has invited businesses from the Eurasian Economic Union (EAEU) member states to join Russia's industrial zone in Egypt and localize there 30% of their production.

"Russia also proposes a profitable solution to Eurasian businesses geared to foreign markets. We invite our partners within the [Eurasian Economic] Union to join Russia's industrial zone in Egypt. Companies will receive substantial advantages if they localize 30% of their production there," Russian Prime Minister Mikhail Mishustin said at a meeting of the Eurasian Intergovernmental Council in Yerevan on Friday.

Among the advantages, Mishustin listed the proximity of maritime transport infrastructure and benefits of using Suez Canal ports.

"But the most important is exemption from custom duties on exports to Africa, the Middle East, Latin America and other states that have trade agreements with Egypt," Mishustin said.

Such privileges apply to all potential residents regardless of their country of origin, he said.

Among the key business segments of the Russian industrial zone in Egypt are machinery, chemical industry, car production, the forestry and metals industry, he said.

As it strengthens cooperation on international markets, Russia stands for unlocking the full growth potential of the EAEU's common market and for ensuring the unhindered flows of goods, services, capital and workforce, Mishustin said.