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Egypt’s Suez Canal Economic Zone Lures 2.5-Bln-Usd Foreign Investment in 11 Months

Egypt: Ships wait to pass the Suez Canal in the Gulf of Suez, Egypt, on March 26, 2021. (Xinhua/Ahmed Gomaa/ians)

The General Authority of the Suez Canal Economic Zone (SCZone) in Egypt said on Thursday that the zone has attracted 2.5 billion U.S. dollars of foreign investment from July 2022 to May 2023.

The SCZone said in a statement that national investments in the zone hit 3.6 billion Egyptian pounds (116 million dollars) in the same period, adding the SCZone approved 46 diversified projects to start its work in the industrial areas of the zone.

Covering an area of 461 square km along the banks of the Suez Canal, the SCZone includes six ports and four development areas.

The list of approved projects covers a complex for steel industries that target foreign markets and a large vehicle tires’ factory.

Waleed Gaballah, an Egyptian economist, told Xinhua that the SCZone recently launched an international promotional campaign for better communication with investors from different countries.

Gaballah said the location of the SCZone and the modernization of its infrastructure have enabled it to lure more investments.

Egypt aims to become a regional hub for several sectors, especially energy, and logistics along the Suez Canal corridor, the expert noted.

The SCZone, established upon a presidential decree in August 2015, aims to attract domestic and foreign investors by providing logistic and industrial services in accordance with the international criteria along the Suez Canal.