Egypt's Suez Canal Economic Zone (SCZone) has secured $8.3 billion in investments across 272 projects from the 2022/2023 fiscal year to March 2025, with a significant focus on renewable energy, pharmaceuticals, and automotive sectors, its chairman said Sunday. In a meeting with Prime Minister Moustafa Madbouly, SCZone Chairman Walid Gamal El-Din outlined the zone's strategic development plans, which include expanding its port infrastructure, improving logistics capabilities, and offering investor-friendly incentives to attract global companies. He emphasised that these efforts are in line with Egypt's broader goal of industrialising the region and driving sustainable economic growth. "The SCZone is becoming a key hub for investment in sectors such as green energy, electronics, and car parts, attracting both regional and international players," said Gamal El-Din. "We are committed to enhancing our infrastructure to ensure we remain competitive on the global stage." The SCZone has already attracted 387 companies, including major foreign investors from Asia, Europe, and the Middle East. Notable progress has been made in the Sokhna area, home to Egypt's largest Red Sea port, as well as the Ismailia East Technology Valley, which is focused on high-tech industries. In addition to attracting new investments, the SCZone has made strides in improving operational efficiency. A total of 77 operating licences and 137 construction permits have been issued since mid-2022. Furthermore, the zone is set to become a key player in green industries, with projects already underway in renewable energy and electric vehicle production. Gamal El-Din also highlighted ongoing initiatives to digitalise services in collaboration with the European Bank for Reconstruction and Development (EBRD) and logistics giant Agility. This move is expected to streamline investor processes and boost transparency. With an investment target of $500 million in the West Canal area, the SCZone continues to develop key industrial sectors, promising significant job creation and technological transfer. As Egypt positions itself as a competitive regional player, the government's focus on infrastructure and strategic partnerships is seen as crucial to sustaining its growth momentum. Attribution: Amwal Al Ghad English
