Tuesday 22 Oct
Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone Authority, welcomed a high-level economic delegation from Hong Kong on Sunday at the Authority's headquarters in the New Administrative Capital. The delegation was led by Nick Chan, Deputy of Hong Kong in the National People's Congress and Director of the Asian International Arbitration Centre (AALCO), and Herman Tse, Deputy Head of the delegation and Head of Commercial and Professional Services at Invest HK, a government agency.
The delegation included
representatives from a diverse range of government, economic, and legal
institutions in Hong Kong. During the meeting, both sides explored potential
avenues for strengthening cooperation in areas of mutual interest.
Walid Gamal El-Din warmly
welcomed the delegation and emphasized the numerous similarities between the
Suez Canal Economic Zone and Hong Kong, particularly in terms of their shared
economic vision centered on infrastructure development, integration of
industrial, maritime, and logistics activities, and a diverse array of
financial incentives.
He noted that this common vision
has been exemplified by the successful collaboration between the economic zone
and China. Over 200 Chinese companies are currently operating within the Suez
Canal Economic Zone, including Hutchison Ports, which is partnering with the
economic zone to operate a container terminal at Sokhna Port as part of a
global alliance of port operators.
Gamal El-Din emphasized the Suez
Canal Economic Zone's emergence as an ideal destination for East Asian
investors seeking to expand into various sectors. The economic zone's strategic
location, coupled with its ability to facilitate access to global markets,
reduce transportation costs, and offer a diverse range of energy sources and a
skilled workforce at competitive rates, makes it a compelling proposition.
He highlighted the economic
zone's diverse range of targeted sectors, comprising 21 industrial and service
sectors identified through studies focused on meeting the needs of both local
and regional markets. Gamal El-Din underscored the potential for collaboration
with the Hong Kong business community in areas such as green energy production,
complementary materials for this industry, the automotive industry, the
pharmaceutical industry, and data centers.
He emphasized the industrial
zones' readiness to accommodate a wide range of industries. The economic zone
boasts four industrial zones seamlessly integrated with six seaports on the Red
Sea and the Mediterranean Sea. Through its integrated model, the Suez Canal
Economic Zone aims to address global supply chain challenges and establish
itself as a leading solution.
The delegation expressed their
enthusiasm for exploring opportunities to collaborate with the Suez Canal
Economic Zone, particularly in the field of maritime transport, given Hong
Kong's status as a leading global shipping center.
The delegation also expressed their keen interest in partnering with the Suez Canal Economic Zone to transfer expertise in arbitration services, establish a one-stop shop service, and collaborate on legal matters related to the maritime sector and data centers. Additionally, they explored the possibility of partnering with port operators in Hong Kong to work within the ports of the Suez Canal Economic Zone.
