Yehia Zaki, Chairperson of the General Authority of the Suez Canal Economic Zone (SCZone) said that the authority is organising a conference for investing in its projects, which is scheduled for next March at the Galala area. He added that the SCZone plans to have a wide international impact at the conference due to the investment opportunities available in the region, and aims to attract many and varied investments from all over the world. He explained that the economic zone targets many sectors and industries that contribute to creating added value and job opportunities. He stated that the SCZone plans to establish an investment arm to enhance its economic and development role during its five-year plan. The authority acquires 51% of the new entity's shares and 49% is available to the private sector. The northern region, especially east of Port Said, witnessed major developments, both in the industrial and logistic areas, through the construction of power stations, water desalination, and soil preparation for the establishment of projects, in addition to preparing road networks. He pointed out that the SCZone seeks to increase and improve the added value for investors, focus on factors that attract investment, raise the efficiency of logistical services and ports, and find quick investment opportunities in 2020. The SCZone aims to be the most attractive region for outstanding investment in the world by 2035. The region has a pivotal role that will contribute to supporting the economy significantly through establishing and developing industrial areas and developing ports, he noted, adding that the SCZone is working to attract investments to establish agricultural, industrial, and service projects. He added that the authority plans to increase Egypt's share in global trade passing through the SCZone and works to establish labour-intensive investments to provide job opportunities. During the previous period, the SCZone established and developed infrastructures such as East Port Said's berths and tunnels and the provision of facilities and services with the highest technical specifications, and the application of systems, benefits, and exemptions to releasing investment and development energies. Zaki pointed out that the SCZone is currently working on determining the targeted and expected investments after completing the strategy of the authority during the next five years, mentioning the completion of some projects and the completion of others that would enhance the investments. The investment cost of the industrial zones in the authority is estimated at $17bn. Prime Minister Mostafa Madbouly held a meeting to discuss the proposal of the Minister of Transport to set up a global company, Bombardier, for a factory in East Port Said for the railway, metro, and monorail industries. The government is exploring the possibility of setting up the factory within the framework of the SCZone to invest the comparative advantages and capabilities that the region will provide for the projects it includes. Zaki said that the SCZone will have 4m sqm of industrial land ready for investment in East Port Said within a few months, and then work will be done to attract major manufacturers and international companies. He added that the new berths were opened in East Port Said Port after the end of its first stage, with a length of 5 km, next to the industrial zone, which the East Port Said Industrial Developer is promoting, after receiving 1m sqm, while another 4m sqm are underway.
