Chairman of the General Authority of the Suez Canal Economic Zone Walid Gamaleddin said Tuesday that the government is acting to support the infrastructure and potentials of the SCZONE to be up to international standards.
Gamaleddin was speaking at the Egypt-UK Investment Forum, which is being held in London from September 15 to 18 to review aspects of economic cooperation between Cairo and the business community in Britain.
In his speech during the opening session of the forum, Gamaleddin said: “The SCZONE’s assets consist of 4 industrial zones and 6 seaports on the Mediterranean and Red Sea.”
“Egypt’s vision aims to maximize the benefits of these capabilities and equip them with a world-class infrastructure,” he added. This would contribute to qualifying the SCZONE to become a hub for green fuel industries, Gamaleddin noted.
He also touched upon what he called “a competitive investment environment within the SCZONE”, which primarily aims to present Egypt’s economic vision meant to deepen international economic cooperation and attract more investments in the targeted sectors.
Gamaleddin said that 21 industrial and service sectors are targeted and have been studied in line with the SCZONE capabilities, as well as the needs of regional and international markets.
Gamaleddin made it clear that the SCZONE was able to accommodate many international companies through its attractive investment environment, financial and non-financial incentives such as its strategic location, the availability of labor and energy at competitive prices, and the one-stop service that issues all the necessary licenses for construction and operation.
“We are also adopting a strategy to settle the automotive industry within the SCZONE,” he said.
On the sidelines of the forum, Gamaleddin met with a group of companies working in the fields of steel, modern building materials, water treatment and communications to discuss the possibility of cooperation in SCZONE projects.
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