Chairman of the General Authority for the Suez Canal Economic Zone (SCZone), Yehia Zaki, revealed on Thursday that the Suez Canal receives almost 12% of global trade every year.
Around 18,000 vessels transit the canal annually, Chairman Zaki said.
Zaki addressed a seminar on the sidelines of EXPO 2020 Dubai on investment opportunities in the SCZone and the future plans of the zone.
Egypt, he said, succeeded in creating an atmosphere favorable to investments, despite the Covid-19 pandemic.
He said the Egyptian economy grew by 2.8% in 2020/2021.
“Egypt also registered the highest GDP growth in Africa,” Chairman Zaki said.
He said Egypt’s GDP reached $350 billion in the same year.
He added that Egypt also has the largest consumer market in the continent.
Chairman Zaki said his zone works to create an investment-friendly atmosphere, one fit for the implementation of national development projects.
“The zone provides all types of support and facilities to investors in line with Egypt’s strategy to enhance economic development,” Chairman Zaki said.
He underlined the importance of developing untapped areas around the Suez Canal with a view to creating jobs and introducing more logistical services.
He added that his authority aspires to turn the area into a gigantic industrial hub that serves the East and the West.
Chairman Zaki said his authority offers a wide range of direct and indirect incentives for investors.
These incentives, he said, include efficient measures for the regulation of imports and exports and accelerated shipment inspection processes.
“We also provide preferential tax rates,” Chairman Zaki said.
He referred to the presence of modern services centres in the zone as well as effective communication facilities.
Chairman Zaki added that his authority had also digitized all processes inside the SCZone, something that gives it an edge over its rival investment zones around the world.
Meanwhile, Chairman of the Suez Canal Authority, Osama Rabie, said the SCZone has unique features that qualify it to become an engine of economic growth in Egypt.
“The zone is a real investment magnet,” Chairman Rabie told the same gathering.
He said the SCZone has a distinguished geographic location that puts it in close proximity to six major ports that overlook the Mediterranean and the Red Sea.
Chairman Rabie said the SCZone is also qualified to be an international corridor for value addition.
“The zone has the ability to compete with major economic zones around the world,” Chairman Rabie said.
He added that these abilities also open the door for increasing the number of ships transiting the Suez Canal.
Chairman Rabie said the opening of the East Port Said Port aimed to speed up shipping processes in the Suez Canal region and allow ships to directly enter Port Said without being hindered by traffic in the Suez Canal.
