2024/06/12

Suez Canal Economic Zone: Opportunities for cooperation with BRICS business communities

Walid Jamal El-Din, Chairman of the Suez Canal Economic Zone Authority, participated, Wednesday, in the first forum of the New Development Bank (NDB), held on the occasion of Egypt's joining the bank in March 2023. The NDB is the financial and economic arm of the BRICS group. The forum, held under the title "Exploring New Horizons," aims to introduce the bank's operations, enhance cooperation with the government and private sector, discuss future cooperation opportunities between the founding and new members of the BRICS group, and maximize the benefits of the bank's cooperation potential in light of Egypt's pivotal role in the region, as a hub linking the continents of the world.

During the "Egypt as a Logistics Hub" session, Walid Gamal El-Din reviewed the Suez Canal Economic Zone Strategy 2020-2025, transforming the zone into a model for international economic cooperation. This has attracted numerous international investments that have chosen the zone as a hub for their expansions in various markets due to its distinguished strategic location and trained technical labor at competitive costs. He emphasized that the strategic location of the economic zone and its affiliated ports on the Red Sea and the Mediterranean Sea supports global supply chains. Cooperation with the New Development Bank strengthens ties with BRICS countries, further boosting the zone's appeal.

Witnessed by Lieutenant General Kamel Al Wazir, Minister of Transport; Lieutenant General Mohamed Abbas Helmy, Minister of Civil Aviation; Stephane Gimbert, Director of the World Bank Group in Egypt; Fengnian Zhao, Chief Financial Officer of COSCO SHIPPING Ports; and Richard Soundarji, President of the Chinese International Capital Corporation in the Gulf region and Africa.

Walid Gamal El-Din emphasized that the political leadership's commitment to infrastructure investment has been instrumental in attracting further investments to the economic zone. These investments are particularly strong in green energy production and ship bundling. The ongoing infrastructure development has also played a key role in drawing numerous textile projects to the Qantara region.

Furthermore, this focus on industry in the West is a promising path for boosting exports and contributing to Egypt's goal of reaching $100 billion in exports by 2030.

The economic zone's future holds even greater potential for collaboration with the business communities of the BRICS countries, building on past successes and promising new opportunities.

A delegation led by Dilma Rousseff is scheduled to visit the Suez Canal Economic Zone Authority's headquarters in Sokhna. This visit aims to familiarize the delegation with the Authority, inspect ongoing development work at Sokhna Port, and tour the administrative headquarters of two key industrial developers: "TIDA-Egypt," a long-standing partner of the Suez Canal Economic Zone for over 15 years, and "Orascom Industrial Zones Company," which has already developed 10 million square meters and is actively seeking investment for its 3.3 million square meter expansion in the Sokhna industrial zone.