The third round of the Intelligent Cities Exhibition & Conference (ICEC) has launched on Monday, October 23, in Fairmont Heliopolis, Cairo, Invest-Gate reports.

The first of the two-day event has tackled possible investment opportunities in Egypt and efforts exerted to facilitate procedures for investors, in addition to exploring new technologies for smart cities.

During the event, Economic Adviser of the General Authority for the Suez Canal Economic Zone (SCZone) Samir Abdul Shafi has announced they are working on completing the infrastructure and main facilities of four industrial zones in Ain Sokhna, West Qantara, Technology Valley, and East Port Said, with a total area of 460 kilometers.

To attract various industrial companies, the authority is also working on developing and upgrading six ports in Ain Sokhna, El-Adabiya, East Port Said, West Port Said, El-Tor, and Arish, Shafi adds.

The authority has already managed to attract some industrial developers such as Chinese TEDA which is developing six square kilometers in Ain Sokhna, as well as, other projects such as the largest petrochemical complex which will be established in Ain Sokhna.

SCZone also signed an initial agreement with DP World to develop a 96 kilometer economic zone in Ain Sokhna, with the final agreement to be signed during the World Youth Forum which will be held from November 4 to 10 in Sharm El-Sheikh. The zone will include the establishment of a residential complex that will accommodate 650,000 people, Shafi notes.

An agreement will be signed soon between East Port Said Development and Samcrete to develop 16 kilometers in East Port Said, in addition to a near agreement for the establishment of the Russian industrial zone in the same area.

The Industrial Development Authority (IDA), in cooperation with the German GIZ, is planning to set a mechanism for the management and development of industrial zones, according to Ahmed Abdel Razek, Chairman of IDA.

The Ministry of Industry set the 2020 strategy that aims to achieve an industrial growth of 8% by 2020 and increase the industrial sector’s contribution to the gross domestic product (GDP) from the current 13% to 21% by 2020, as well as, raise industrial investments to EGP 100 bn by 2020 from 43 bn in 2015-2016.

“IDA launched the first phase of offering ready and licensed factories in Al Sadat, Port Said and Badr, while the second phase will include delivering eight industrial complexes in Upper Egypt.

The government plans to provide 60 mn meters of industrial lands by 2020, 25 mn meters of which are offered up to date,” Abdel Razek adds.

The SCZone authority is adopting the single-window system for investors who would like to establish companies, Assistant General Manager of Promotion and Marketing at the General Authority for SCZone Tarek Hashem says.

Six tunnels are being developed in Suez, Ismailia, and Port Said to facilitate transportation of laborers and goods, Hashem notes.

A new major expressway will be established to link East Port Said to the regional network, Karim Maamoun, Deputy Director of Business Development Division at AAW Consulting Engineers, concludes.