The Suez Canal Economic Zone (SCZone) signed a contract on Monday with Agility, a supply chain services, infrastructure and investment leader, to develop and operate a customs and logistics centre in the zone, a press statement said.
The agreement with Agility was signed during the Egyptian-Kuwaiti Economic Forum in the presence of SCZone head Waleed Gamal Eldien and Agility Vice Chairman Tarek Sultan.
Agility will work with SCZone in the areas of services and logistics by establishing a technical and logistical arm to automate customs procedures.
The project, which is intended to turn the zone into a global logistics hub, will improve the flow of goods and lower costs for international companies and investors operating there.
Agility will invest $60 million in a 100,000 square-metre customs and logistics centre in the industrial zone in Ain Sokhna and a similarly sized customs and logistics centre in East Port Said. The project will be implemented during the second half of 2023.
“The signing of this contract with Agility, a leader in customs modernisation, is consistent with the Suez Canal Authority’s strategic plan 2020-2025, which aims to create an enticing investment environment and further one of Egypt’s key development goals, which is to create job opportunities through integrated, sustainable economic growth,” SCZone chief Waleed Gamal Eldien said.
This agreement will enable the Suez Canal Authority to improve oversight on inbound materials, finished goods, and enhance efficiency through a single-window customs platform.
The result will be increased commercial activity, quicker release of cargo and better overall operations.
Gamal Eldien said this agreement comes in line with the Egypt’s Vision 2030 in developing the customs clearance services by building an integrated and automated system, reducing the accumulation of shipments, while providing the best services possible to investors.
This is in addition to co-ordination and integration with the Ministry of Finance, tax and customs authorities and other government bodies with the economic zone.
Agility Vice Chairman Tarek Sultan said Egypt plays a vital role in global and regional trade.
The ambitious modernisation project and other development efforts by the government, demonstrate the country’s determination to be an economic leader in the future, Sultan said.
“By developing and modernising the customs and logistics centre, Egypt will be one of the world’s most advanced operators and an indispensable 21st century trade partner for MENA, Asia and Europe,” Sultan said.
“Companies with a presence in the Suez Canal Economic Zone will have access to the world’s best logistics infrastructure and services.
Discussion about this post