The message reads, in part:

“Russia and Malaysia are linked by friendship and partnership. We are consistently developing cooperation in trade and the economy, science and technology, culture, humanitarian ties and other areas. Our countries are successfully carrying out large joint projects. I am ready to work closely with you to further expand the entire scope of Russia-Malaysia cooperation.”

The messages note that the memory of the Great Victory unites our countries, and emphasise that the bravery and heroism of soldiers and the dedication of homefront workers will forever be cherished by present and future generations. 

The Prime Minister of Russia expressed confidence that the strong traditions of friendship forged in the difficult years of wartime hardships will continue to serve as a solid basis for interstate relations.

Dmitry Medvedev asked his colleagues to convey his wishes of happiness, well-being and longevity to all war and homefront veterans, as well as his sincere respect and gratitude for their unparalleled feat. 

The agreement is designed to set up a Russian Industrial Zone in the East Port Said region and provide for its operation with a view to enabling Russian companies to launch local manufacturing and promote high technology products for the high-potential markets of the Middle East and Africa.

Reference

Introduced by the Ministry of Industry and Trade of Russia.

The Agreement was drafted in execution of the agreements reached at the talks between the President of Russia Vladimir Putin and President of Egypt Abdel Fattah el-Sisi in Sochi on 12 August 2014.

A directive was issued in Russia to approve the draft Agreement between the Government of the Russian Federation and the Government of the Arab Republic of Egypt on setting up a Russian Industrial Zone in the Suez Canal Economic Zone of the Arab Republic of Egypt and providing for its operation (hereinafter the Agreement).

The Agreement is designed to set up a Russian Industrial Zone (RIZ) in the East Port Said region and provide for its operation with the view to enabling Russian companies to launch local manufacturing and promote high technology products in the high-potential markets of the Middle East and Africa.

The decision to establish the RIZ was driven by the need to expand exports of Russian industrial goods to high-potential markets and develop sustainable value-adding chains in importing countries.

One of the key purposes of the RIZ is to create synergies with Russian projects that are in the pipeline, including the construction of the al-Dabaa nuclear power plant, supply railway carriages for Egyptian National Railways, upgrade the country’s rail network and Helwan Iron Foundries, and supply goods for the automotive industry, shipbuilding, transport, agricultural and special machine engineering.

The Agreement contains provisions governing relations during the course of joint efforts to set up the RIZ.

Excerpts from Dmitry Medvedev’s opening remarks:

The Commission was established 10 years ago with the adoption of a federal law to this effect. Since then, it has reviewed 229 investment proposals and approved most of them. About five percent of the applications were turned down.

Over the past three years alone the Russian economy attracted more than $16 billion through deals approved by the Commission. To some extent, this is attributable to our efforts to improve laws on foreign investment monitoring. We were guided by the domestic experience in this area as well as the best global practices and the overall environment. Specifically, some contracts can be approved automatically by filing a notification. We also specified the list of strategic activities and streamlined controls.

While opening up specific sectors of the Russian economy to foreign investors, we were extremely cautious and followed a balanced approach. We will act in the same manner moving forward. There are projects in sensitive areas related to public interests and affecting public health and safety in one way or another, which means that they should be subject to constant and effective monitoring.

More to be posted soon…

The Prime Minister answered the questions of Sergei Brilyov, the programme’s host.

Dmitry Medvedev: In the past six years, the Government has worked in unprecedented conditions, which include unfavourable changes in the global economy and on the hydrocarbons market, as well as sanctions, starting with those imposed on Russia in 2014. All of this taken together formed a group of shocks the kind of which our country has not encountered in its recent history, not even during the 1998 crisis. It was a very deep crisis, but we were not denied access to [international] financial markets.  Some countries even tried to help us out at that difficult time. But in 2014 and later on, we were left to our own devices. We have no access to international funding, and sanctions have been slapped on Russian companies and individuals. The situation has been compounded by low prices on hydrocarbons, which are our main export items.  I am referring to oil and gas, of course. It has been a difficult period, but on the other hand, it has helped us mobilise. In light of this, the goals we have attained in that period look very impressive.

More to be posted soon…