Suez Canal Revenues to Post $20 Bln on Chinese Assistance

Dr.Fouad Issa, Head of the International Trade Point, which is affiliated to the Ministry of Trade and Industry, stated that they expect that the annual return of the Suez Canal will record additional revenues up to $ 20 billion, after establishing a Chines-Egyptian joint zone for providing services and logistics at the Port Said East Port which is located in Seuz Canal.

In exclusive statements to Amwal Al Ghad, Issa added that this zone will be included under a wide group of services similar to the services offered to ships and navigation in the Port of Singapore and will be established with Chinese investments up to about EGP 24 billion, while Egypt will provide the plot, experience and work.

A number of projects will be carried out in that zone including, ship maintenance, fleet building, shipping operations, providing ships with energy and other related services.

Issa confirmed that President Mohamed Morsi’s visit to China will stimulate the establishment of this zone, given the Egyptian governments has held extensive negotiations with the Chinese side regarding this issue.

Jesus emphasized that the perception in the Sino-Egyptian relations, which witnessed in the current period, especially after the visit of President Marina Beijing will push to accelerate the establishment of this region, which has been studied extensively between the Egyptian government and the Chinese side.