Egypt's Suez Canal Economic Zone Lured 2.5-Billion-USD Foreign Investment In 11 Months

(MENAFN- Nam News Network) CAIRO, Jun 9 (NNN-MENA) – The General Authority of the Suez Canal Economic Zone (SCZone) in Egypt, said yesterday that, the zone has attracted 2.5 billion U.S. dollars of foreign investment, from Jul, 2022, to May, 2023.

The SCZone said in a statement that, national investments in the zone hit 3.6 billion Egyptian pounds (116 million dollars) in the same period, adding, the SCZone approved 46 diversified projects, to start its work in the industrial areas of the zone.

Covering an area of 461 square km along the banks of the Suez Canal, the SCZone includes six ports and four development areas.

The list of approved projects covers a complex for steel industries, that target foreign markets and a large vehicle tires' factory.

Waleed Gaballah, an Egyptian economist, said, the SCZone recently launched an international promotional campaign, for better communication with investors from different countries.

Gaballah said, the location of the SCZone and the modernisation of its infrastructure have enabled it to lure more investments.

Egypt aims to become a regional hub for several sectors, especially energy, and logistics, along the Suez Canal corridor, the expert noted.

The SCZone, established upon a presidential decree in Aug, 2015, aims to attract domestic and foreign investors, by providing logistic and industrial services, in accordance with the international criteria, along the Suez Canal.– NNN-MENA


Nam News Network

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