Tarek Wafiq, Malaysian Delegation Discuss Developing Suez Canal Region

Dr. Tarek Wafiq, Minister of Housing and New Urban Communities, has held a meeting with a Malaysian delegation. The delegation included the CEO of Export-Import Bank of Malaysia and his assistant, Chairman of Construction Industry Development Board Malaysia (CIDM), and officials in the board.

The minister has reviewed the social housing program “million housing units’ project”, in order to exchange experiences in the fields of using the new methods for construction, and solar energy in these units; in addition to that the investment opportunities in the new cities had been also discussed.

During the meeting, Dr Wafiq pointed to the important projects that the ministry is currently focusing on, such as developing Suez Canal region to be global logistical and industrial hub.

The minister elaborated that developing Suez Canal region needs huge investments, as it will support the Egyptian economy. There is a political will to implement it, we received several offers from foreign investors, as well Egyptian investors who seek injecting their investments in this project, Dr Wafiq said.

Some ready-to- present investment projects have been taken up during the meeting, in the framework of promoting the existing new cities or constructing new cities, the minister stated.

The Malaysian delegation underscored the necessity of cooperation, and establishing successful economic relations and partnership in Egypt, as well having partnership in the exterior markets.

The meeting also tackled the Malaysian region of Iskandar, which is similar to Suez Canal. The Malaysian delegation emphasized that Iskandar region will represent 50% of national income within years. The government has formed an authority to administrate the region, but also the government should have role in attracting investments.