Egypt’s Prime Minister inaugurates 9 projects in SCZONE with $6.5b investments
Egypt’s Prime Minister Moustafa Madbouly inaugurated nine industrial projects in the Sokhna Industrial Zone (SCZONE) on Thursday. The projects bring total investments in the zone to $6.5 billion and have generated tens of thousands of jobs for young people. The move also brought the total number of factories in the SCZONE to 204, alongside 173 factories currently under construction.
Madbouly also held the weekly press conference at a factory in the SCZONE following his tour of the area. He said the inaugurated factories operate across diverse industrial sectors, adding that many of their products were previously imported at high cost to the state.
The prime minister stressed the government’s commitment to further promoting the SCZONE and other industrial areas nationwide. He described industry as the main driver of economic growth. He said Egypt is heavily investing in the sector, supported by infrastructure development and ongoing reforms to improve the investment climate, including administrative, tax, and customs facilitation measures.
Madbouly also noted that the SCZONE hosts investors from more than 28 countries, reflecting strong international confidence in Egypt’s investment environment despite global and regional challenges. He added that Egypt continues to attract increasing private investment from across the world.
Attribution: Amwal Al Ghad English