Developing Suez Axis Doubles Revenues To $50 bln: Hatem Saleh

Eng. Hatem Saleh, Egyptian Minister of Industry and Foreign Trade, said that developing Suez Canal Axis will increase the revenues ten times to reach $ 50 billion annually; referring that the coming government will provide the project for investment in the world.

The minister added that there are three axes for developing the Canal. The first one is the axis of North West of Gulf Suez, where an industrial zone is targeted to be expanded.

The second axis is the Technology Valley in west Ismailia. Saleh elaborated that the ministry seeks completing the establishment of the industrial zone with high technological industries, like solar cells and electronics industries. In addition to that, there are 11 investors showed their interest in establishing ventures in this zone.

As to the third axis, it is west Port Said. The minister said they have a plan for an industrial zone to boost the industries related to cars, besides some other industries; such as medications, chemical and textile; these industries top the exporting list.