The General Authority for the Suez Canal Economic Zone unveiled on Monday the allocation of two million square meters for the establishment of the Russian industrial zone.
A protocol in this regard will be signed on Tuesday, Ahmed Darwish said.
He said the Suez Canal Economic Zone, grouping four industrial zones, is now ready to allocate lands in Ain Sokhna to set up light, medium and heavy industries but the other three industrial zones in Qantara, Tour and East Port Said will be ready when infrastructure works there are finalized, expecting that they will take from six months to two years.
Darwish was speaking during his participation in the Egyptian-Russian business forum which is being held on the sidelines of the 10th session of the Egyptian-Russian economic and technical committee.
He said the authority is totally independent as it is considered a free zone of special economic nature so no customs duties will be levied on machinery imported from abroad.
He unveiled talks to set up a center for conflict settlement and build power and water desalination stations to meet the needs of the industrial zone.
He said 50 pounds are needed for the foundation and registration of companies willing to invest in the industrial zones, adding that approvals in this regard will be finalized within one or two days at most.