PM: SCZONE is promising, competitive investment destination

Prime Minister Mostafa Madbouly said the Suez Canal Economic Zone (SCZONE) is a promising and competitive investment destination, as it provides a wide range of incentives and benefits for investors.

Madbouly made the remarks on Tuesday 26/12/2023 during a meeting with SCZONE Chairman Walid Gamal El Din at the Cabinet’s premises in the New Administrative Capital, where they discussed the progress made in implementing a number of projects in the zone.

Gamal al-Din said the SCZONE has received $1.85 billion worth of investments between 1 July and 25 December 2023.

Those investments were injected into 89 projects, which received both initial and final approvals, Gamal El Din added.

SCZONE head also noted that 47 projects received final approvals with $941 million worth of investments between 1 July and 25 December, adding that 42 projects received initial approvals in that period.

The projects that received final approval include 9 to be executed by Chinese companies and another 12 to be implemented by India, Saudi Arabia, South Korea, Canada, the UAE, Syria, the US, Turkey, Germany, and Jordon, said Gamal El Din.

These projects span various sectors including tires, transport, ready-made clothes, cosmetics, appliances, chemicals, and furniture, he stated.

Furthermore, the projects that received initial approvals include 6 projects by Chinese companies and 9 projects by Indian, Turkish, Emirati, German, South Korean, and Japanese investors, Gamal El-Din added.

The SCZONE’s revenues hit a record high of EGP 6.065 billion in the fiscal year 2022-2023, which ended in June.

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