Egypt’s SCZone targets $30bn investments within 5Yrs: minister

By Yomna Yasser On Jul 26, 2017

Egypt’s Ministry of Investment and International Cooperation is cooperating with the country’s General Authority for the Suez Canal Economic Zone (SCZone) to attract domestic and foreign direct investments (FDI) worth more than $30 billion, minister Sahar Nasr said Tuesday.

Nasr earlier made her remarks during the Fourth National Youth Conference held in Alexandria on Tuesday.

“The ministry aims to create one million direct and indirect jobs in the region in an effort to eliminate unemployment and boost production,” the minister said.

Nasr also revealed that she will be visiting Singapore next month along with Mohab Mamish, the chairman of the Suez Canal Authority. The visit will aim to promote investment opportunities in the Suez Canal Economic Zone.

The Suez Canal Economic Zone extends over 461 square kilometres across the three Suez Canal governorates of Suez, Port Said and Ismailiya, and will include six maritime ports to be completed by 2045.

The mega project is part of a government’s scheme in order to upgrade energy infrastructure, boost the economy, and create jobs.

Throughout the past couple of years, Egypt has been seeking foreign investments for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry as well as commercial and residential developments.

Source: Ahram online