Tuesday, April 10, 2007

Russia boosts Egypt’s export hub ambitions

From the Financial Times:

Egypt’s ambition to market itself as an export hub received a boost on Tuesday with the signing in Cairo of a memorandum of understanding paving the way for the creation of a Russian zone for heavy industries west of the Port of Alexandria.

“Egypt can be Russia’s gateway to the region,” said Rachid Mohamed Rachid, the Egyptian minister of Trade and Industry. “Russian manufacturers who set up factories in Egypt will gain duty free access to markets in Europe, Africa and the Middle East through Egypt’s basket of preferential trade agreements.”

Egyptian officials also point to their country’s cheap labour and energy costs as points of attraction to the Russians.

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