Agreement guarantees customs and tax regime for 49 years, Russian official has said<\/p>\n
Russian companies will receive major tax and customs incentives to operate in Egypt\u2019s Russian Industrial Zone (RIZ) under a new long-term deal, Roman Chekushov, Russia\u2019s deputy minister of industry and trade, told the media.
\nThe announcement followed a recent high-level delegation visit to Egypt, led by Russian Deputy Prime Minister Alexei Overchuk, who met with Egyptian Prime Minister Mostafa Madbouly, Foreign Minister Badr Abdelatty and other officials.
\nThe tax and customs regime \u201cis enshrined in an intergovernmental agreement and will not be subject to change for 49 years,\u201d\u00a0Chekushov said, calling the terms \u201cunique\u201d.
\nChekushov described the RIZ as having \u201can excellent logistical location\u201d on the Gulf of Suez, with developed infrastructure and strong transport links, including to the Suez-Hurghada highway and a nearby railway network. The land agreement for the site was signed in May.
\nMore than 30 Russian firms accompanied Overchuk\u2019s delegation. The focus of the trip was mostly on the RIZ, which is scheduled to start operations in 2030.\u00a0<\/p>\n
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\u201cWe also discussed issues related to technical regulation, so that our companies can gain guaranteed access to the market, receive the necessary certificates, and participate in tenders,\u201d Chekushov said.
\nKey sectors targeted for investment include mechanical engineering, chemicals and petrochemicals, pharmaceuticals, and medical equipment. Chekushov noted that Africa\u2019s demand for chemicals, in particular, continues to grow, making Egypt\u2019s location a gateway for Russian exports. \u201cEgypt has signed more than 70 preferential trade agreements,\u201d he added.
\nOverchuk commented that Egypt \u201cproposed expanding the geography of tourism for Russia,\u201d\u00a0noting that 15% of Egypt\u2019s tourism revenue comes from Russian visitors.<\/p>\n
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The minister added that Russia\u2019s Economic Development Ministry will join the proposed expansion and that Egypt is ready to host Russian inspections to meet requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"
Agreement guarantees customs and tax regime for 49 years, Russian official has said Russian companies will receive major tax and customs incentives to operate in Egypt\u2019s Russian Industrial Zone (RIZ)…<\/p>\n","protected":false},"author":1,"featured_media":18422,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-18421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t