Malaysia is studying the establishment of an industrial zone around Egypt’s Suez Canal soon, the head of the Egyptian part of the Malaysia-Egypt Business Council told Amwal Al Ghad.
A delegation of 25 Malaysian firms met Sunday with officials from the Suez Canal Economic Zone Authority, to explore the investment opportunities in Egypt’s major Suez Canal Axis project, Sherif El-Gabaly said.
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.