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SCZone receives 13 requests for investment on 6 sqkm Companies seek to build petrochemical, textiles plants; feasibility study for establishment of pharmaceutical city to be reconsidered
The Suez Canal Economic Zone (SCZone) received 13 requests from local and international companies to invest in areas of up to 6 sqkm. Mahfouz Taha, SCZone deputy head, said that the companies aim to establish projects for the textile industry and the assembly of cars and petrochemicals, noting that SCZone officials are negotiating with companies to grant land for the implementation of projects. Taha told Daily News Egypt that the SCZone offers investors incentives in customs and taxes, adding that they receive many investment requests following the recent government issuance of new, relevant laws and legislation. "Whoever applies to build a factory will get many incentives according to the type of study provided," he stressed. He noted that investors can finalise the procedures for contracting with SCZone in three days, adding that there have been several contracts on projects recently to establish ceramic plants, iron, fertilisers, and building materials. Taha explained that the efforts of the state and the organised legislation have helped SCZone officials to promote and attract international companies to invest in projects. He explained that the coalition, which expressed a desire to establish a pharmaceutical industries city, is currently re-assessing the feasibility studies for the project, and once the studies are completed, they will be examined by a committee of the SCZone, which will then announce the details.
