Germany is studying building an industrial zone around Egypt’s Suez Canal axis region, the head of the Egyptian part of the Egyptian-German Business Council told Amwal Al Ghad.
German investors are seriously willing to invest in Egypt in sectors of agriculture, automotives, pharmaceuticals, and feeding industries, Nader Riad, head of the Egyptian part of the Egyptian-German Business Council, said Monday.
Riad also said his council plans to boost cooperation with German investors and companies as well as to increase their participation in Egyptian giant projects such as the new capital city and Suez Canal Axis Development in addition to others in infrastructure and railway sectors.
Dubbed the Suez Canal Axis, the new 72-kilometre (45 mile) project built by the Egyptian army aimed at speeding up traffic along the existing waterway by reducing the waiting period for vessels, boosting revenues, as well as developing the surrounding area into an industrial and commercial hub. This anticipated international logistics and industrial hub is set to include the construction of ports and provide shipping services, in hoped that it would eventually account for a third of Egypt’s economy.
Built 146 years ago, the Suez Canal is one of the world’s most heavily used shipping lanes and a key source of international trade.