Egypt’s President Abdel Fattah El Sisi on Monday called for boosting the Suez Canal Economic Zone’s (SCZone) investment efforts and activities including through the formation of an effective investment entity and utilisation of the area’s potentials, especially its distinguished geographical location in the Suez Canal.
The president’s remarks came during his meeting yesterday with Prime Minister Moustafa Madbouli, Minister of Transport Kamel el-Wazir, Chairman of the General Authority for SCZone Walid Sami and Head of the Armed Forces Engineering Authority Ahmed Al-Azazy, Presidency Spokesman Ambassador Bassam Radi said.
During the meeting, the president highlighted that the Suez Canal comes in the middle of the world’s most important shipping lanes – a factor that creates promising opportunities for the SCZone to become a regional and global centre for green fuel production projects, consequently maximising their returns and consolidating Egypt’s standing within the general framework of energy production and circulation in the region.
The president was briefed during the meeting on the promotional plan for the SCZone in co-operation with international institutions and investment banks with the aim of attracting new investments. In this connection, the president reviewed the progress of projects to consolidate SCZone’s capacities, especially including the establishment of platforms for small and medium industries and startup companies, Spokesman Radi said.
Also reviewed in this regard were the projects to supply ships with green fuel and the moves to attract investments into relevant complementary and feeding industries, the spokesman said.
In directives he gave during the meeting, President Sisi called for action to localise complementary industries for the production of new and renewable energy, including green fuel, in view of their multiple uses in several other areas such as water plants, which are a major component of many projects nationwide, Spokesman Radi said.
The president also called for the development of industrial zones under the umbrella of the SCZone into integrated cities in terms of various services and residential communities, within the framework of expanding the area of comprehensive development in the Canal zone.
On related matters, the president called for the development of the Suez-Sokhna road, with the aim of improving the level of service and safety on the road by increasing the number of traffic lanes, separating heavy trucks from the rest of the vehicles, and upgrading railway crossings along the road, Spokesman Radi said.
The presidential directives also called for enhancing the connectivity of ports, integration with the New Suez City and facilitating access to these areas.
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