The Suez Canal Economic Zone (SCZone) issued its annual report on achievements in 2021, which saw the development of a strategic plan and prioritised the localisation of certain industries.
A year after 2020, the Pandemic Year, the SCZone changed the work plan to cope up with the repercussions of the coronavirus and to overcome the challenges faced by the whole world.
The report revealed the most important and prominent decisions were taken by the Egyptian government to encourage investments in SCZone.
The new decisions improved the business climate and facilitated the settlement of specific industries adopted by the country, leading to fresh investment in Ain Sokhna and Port Said.
With the help of major global consultancies, the SCZone concentrated on the ‘Creating Opportunity’ strategy, enabling the zone to prioritise targeted industries according to the needs of global markets.
In 2021, SCZone used the available opportunities in the regional market, especially after gaining the membership of the Executive Committee of the African Economic Zones Organisation.
SCZone moved strongly towards the African market and its needs. One of the most notable steps was in railway rolling stock industry, which attracted international companies to work in East Port Said industrial zone.
The completion of the project’s construction is approaching in the first half of 2022.
The report included the most important and prominent contracts of SCZone’s fruitful year.
In 2021, SCZone concentrated on localising the petrochemical industries in Sokhna zone, with investments amounting to $10 billion.
The projects of the year included those under the umbrella of the national strategy for car manufacture as well as the ongoing negotiations to establish the green hydrogen industry projects in conjunction with Egypt’s hosting of the COP27 Climate Summit in November 2022.
According to SCZone’s vision, the enabling phase in (2020 – 2025 strategy) depended on integrated industrial clusters and the development of an effective system to provide marine services.
The report included promising plans for establishing logistics centres and new foreign industrial zones outside its country’s borders for the first time.
In 2021, SCZone signed a contract to develop Sokhna Port with an estimated investment of LE20 billion.
According to directives from the political leadership and in line with government plans to develop seaports, the SCZone wants to transform Sokhna Port into a global investment platform on the Red Sea.
The report by SCZone includes the incentives introduced in 2021 to encourage investment, amendments to executive regulations for the economic zones law, and the publications of the SCZone’s customs guide and import and export regulations.
