The Suez Canal Economic Zone (SCZone) attracted about USD 15 bn (EGP 236.84 bn) worth of investments over the past five years, thanks to the establishment of over 220 companies in the various vital fields of Egypt, Invest-Gate reports.
Addressing a virtual investment forum on September 8, organized by the Egyptian Businessmen Association (EBA), in cooperation with the Bahrain Businessmen’s Association, SCZone Chairman Yehia Zaki underscored the contribution of 15 industrial developers to the above-said investments, according to a recent Cabinet statement.
The SCZone incorporates 25 industrial segments, varying between agriculture, textiles, pharmaceuticals, logistics, information technology, automobile manufacturing, and textile sectors, Zaki added, while lauding the geographical features and investment diversity of the trade hub, which, he said, will help open new horizons to achieve access to other African countries.
“The zone is also characterized by its easy access to global markets, especially through the various free trade agreements with many countries that will make the SCZone the ultimate gateway to the African and Middle Eastern markets, not to mention the competitive advantages granted by Egypt’s Economic Zones Law and its executive regulations,” the official was quoted as saying.
Launched in 2014, and coming under Suez Canal Area Development Project (SCADP), the SCZone is strategically located on the main trade route between Europe and Asia, along the banks of the newly-expanded Suez Canal, aiming at boosting international trading by slashing customs to zero to lure investment, while also developing the three canal cities: Suez, Ismailia, and Port Said.