Most of world trade passes through Egypt’s Suez Canal: Mamish

Head of Egypt’s Suez Canal Authority Mohab Mamish attended on Tuesday a meeting of the House of Representatives Industry Committee.

Addressing the participants, he explained that most of the trade movement from East to West passes through the Suez Canal.

He said a plan is underway to increase the revenues of the canal by 100 percent in the period from 2014 to 2023.

Egypt has joined the Belt and Road Initiative through the Suez Canal, he added.

He noted that up to 12 percent of the world trade movement passes through the canal.

The canal revenues increased in the financial year 2017/2018 by around 600 million dollars compared to financial year 2016/2017, he pointed out.

The targeted revenue for the financial year 2018/2019 is to reach $6 billion, he added.

Source: MENA