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Russian Business Ready to Invest in Industrial Zone Along New Suez Canal

© AP Photo / Nariman El-MoftyA bulldozer works on the new section of the Suez Canal in Ismailia, Egypt, Wednesday, July 29, 2015
A bulldozer works on the new section of the Suez Canal in Ismailia, Egypt, Wednesday, July 29, 2015 - Sputnik International
Egypt's Ambassador in Moscow Mohammed Badri said that a lot of Russian businesses show interest in helping develop industrial zones along the Suez Canal.

MOSCOW(Sputnik), Svetlana Alexandrova — Russian shipbuilding, logistic, petrochemical and agriculture companies have showed interest in helping develop industrial zones along the Suez Canal, Egypt's Ambassador in Moscow Mohammed Badri told Sputnik on Monday.

Egypt will inaugurate a new 44.7-mile lane of the Suez Canal on Thursday, part of which will run parallel to the existing waterway.

The package of projects, announced by President Abdel Fattah Sisi last August, involves building industrial hubs for logistic and ship services, and transforming cities along the expanded Suez Canal into centers of international trade.

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"We have a lot of Russian businesses that have contacted us already. They are from shipbuilding, logistic support for the shipment, petrochemicals businesses and from the agroindustry as well," Badri said.

A working group has been set up at the Egyptian Embassy in Moscow to provide outreach to Russian investors wishing to take part in the project.

The canal is a crucial waterway linking the Mediterranean with the Red Sea. Its first lane was launched almost 150 years ago and took 10 years to complete.

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