Egypt's Rise As Global Logistics Hub Takes Centre Stage At New Development Bank Seminar

(MENAFN- Daily News Egypt) Egypt's strategic location, infrastructure development, and economic reforms are propelling its transformation into a global logistics hub, a theme that dominated discussions at the third panel of the first New Development bank seminar held in the country.

The panel highlighted Egypt's role as a vital LINK in global trade, with its proximity to major shipping lanes, the Suez Canal, and significant ports like Alexandria, Damietta, and port Said.

Alaa Ezz, Secretary General of the Federation of Egyptian Chambers of Commerce, emphasised the impact of infrastructure projects implemented over the past decade.“Egypt is currently reaping the benefits of what has been implemented, as evidenced by the volume of containers passing through Egypt and the products being exported from or through Egypt,” he stated.

Walid Gamaleldien, Chairperson of the Suez Canal Economic Zone, outlined the zone's 2020-2025 strategy, highlighting its success in attracting international investments in green energy, ship refuelling, and textile projects. He stressed the zone's role in supporting global supply chains and its potential for enhanced cooperation with BRICS countries through the New Development Bank.

Stephane Guimbert, World Bank Group Country Director for Egypt, Yemen, and Djibouti, praised Egypt's strategic location and economic reforms. He noted that 40% of global trade and 30% of containers pass through Egypt, highlighting the country's potential as a regional hub for transportation and trade, particularly in green energy.

Fengnian Zhao, CFO of COSCO SHIPPING Ports, underscored Egypt's attractiveness for investment by revealing a new container terminal project in Sokhna, with a total investment of approximately $375m and a capacity of 1.7 million TEU upon completion. He described the port as a gateway for trade between the East and the West.

Richad Soundardjee, Head of the Gulf & Africa Region at China International Capital Corporation, emphasised the strong desire among Chinese companies to increase investments in Egypt, particularly in localising industries and increasing foreign direct investment from China in the region.

The panel underlined Egypt's growing prominence in global trade, fueled by its strategic location, infrastructure investments, and commitment to economic reforms. With strong support from international institutions like the World Bank and growing interest from Chinese investors, Egypt is poised to solidify its position as a global logistics powerhouse.


Daily News Egypt

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