Japanese companies are looking forward to invest in SCZone’s region

CAIRO - 1 October 2023: According to an official statement by the Suez Canal Economic Zone (SCZone), the Chairman of the General Authority for the SCZone, Walid Gamal el-Din, recently hosted a business delegation comprised of 24 Japanese companies specializing in renewable energy, green fuel, and other industries, which have an interest in investing in Egypt.  

The meeting came within the scope of exploring the methods of cooperation between the Japan External Trade Organization (JETRO) and SCZone to boost investments in industrial sectors targeted for localization within the economic zone.

During the meeting, the two sides also discussed cooperation in green energy projects, and supporting small and emerging projects.

SCZone is working hard to facilitate agreements in the green fuel field between the zone and international corporate alliances. In addition to that, the authority is seeking to implement green hydrogen projects, such as the water desalination plant in Sokhna, and the service corridor linking areas allocated for green hydrogen productions and the port of Sokhna, according to the chairman.

Egypt possesses all the components to help facilitate its green transition with its renewable energy sources of solar and wind energy, which qualifies it to be a hub for new energy supplies in North Africa, according to Executive Vice President of JETRO, Kazuya Nakago. In addition to green hydrogen projects in the Suez Canal Economic Zone, he also pointed out that JETRO is eager to enhance cooperation with SCZone.

Earlier in August, within the framework of encouraging the establishment of green hydrogen projects, Ocior Energy signed contracts with the Egyptian government to set up a $4 billion green hydrogen plant in SCZone.