The Egyptian government is seeking additional investments in Port Said City, Invest-Gate reports.

In a recent visit to the city, Minister of Investment and International Cooperation Sahar Nasr says that the government is eying an increase of investments in the city which stood at EGP 1.6 bn during the past eight months.

Nasr adds, “The number of factories in the city is expected to reach 300 during the coming period.”

Port Said is one of the three canal cities and is near to the giant Suez Canal Development Project. In an effort to stimulate economic growth and draw investors back to the country, the government has recently passed the new Investment Law No. 8 that gave a number of incentives to investors.