The Cabinet’s media center confirmed that the Suez Canal Economic Zone (SCZONE) has received significant attention from the Egyptian state, which has been focused on maximizing the role of the region as one of the key pillars of national economic growth.
This came in a report published by it, which included infographics highlighting the SCZONE as a gateway for global investment with promising opportunities.
The report pointed out that the state is exerting tireless efforts to harness all available resources and facilities to make the area an attractive place for both foreign and local investments to reinforce Egypt’s position as a regional and global hub for trade and industry. This is achieved through the development of an effective, competitive, and environmentally-friendly business environment, advancing the region’s infrastructure, and enhancing its digital services, it said.
The report highlighted the positive outlook of international institutions regarding the development efforts at SCZONE, referring to how Agility, which is a global leader in supply chain services, infrastructure, and innovation, described the zone as a testament to Egypt’s efforts to become a key player in the global economy and a catalyst for economic growth and an attractive destination for both local and foreign investors. Also, the report cited US News as emphasizing that the SCZONE is working to establish itself as a hub for green fuel, including green hydrogen, green ammonia, and green methanol.
The report cited also comments from Alain Pilloux, Vice President of the European Bank for Reconstruction and Development, while launching the second phase of the bank’s technical support programme to digitalise the Suez Canal Economic Zone. During the ceremony, Pilloux said “We are delighted to extend our fruitful partnership with the SCZONE and further contribute to the successful delivery of an autonomous, digital and interactive one-stop shop. The SCZONE’s project is a good example of how we can speed up the rollout of digital services and assist with the SCZONE’s ambition to become a world-class investment hub.”
The report noted as well what Fitch agency mentioned about the Egyptian government’s commitment to attracting international investments through the launch of a large-scale industrial zone around the Suez Canal, aimed at attracting multinational manufacturing and logistics companies.
The report shed light on the Suez Canal Economic Zone itself, saying that the President of Egypt issued a decision to establish the zone in August 2015, and illustrating that SCZONE now spans a total area of 455 million square meters and includes 6 seaports, 4 industrial zones with 14 industrial developers, and 400 operational facilities. The zone is expected to provide 100,000 job opportunities, according to it.
The report further said that the revenues of the Suez Canal Economic Zone have tripled, reaching EGP 8.2 billion in 2023/2024, compared to EGP 2.8 billion in 2016/2017.
The report highlighted efforts to localize green fuel production within the SCZONE, noting that 30 memoranda of understanding (MoUs) were signed to localize this industry. Of these, 14 MoUs have been activated, with 12 transforming into framework agreements. The estimated annual production from these projects is expected to be 18 million tons per year, with investments estimated at $64 billion.
