A ship transiting through the Suez Canal - Photo courtesy of SCA
CAIRO - 11 June 2020: Chief executive officer (CEO) of the Suez Canal Economic Zone (SCZone) Walid Gamal el Din outlined the SCZone’s plan to attract further investments in the coming stage via a legislative amendment through the House of Representatives after finalizing relevant consultations with the cabinet.
Addressing a meeting of the parliament’s economic affairs committee on Wednesday, Gamal el Din said the amendment seeks to introduce tax benefits, regulate dealing with the local market to attract more investors and finalize the statute of the current law.
The infrastructure developed at the SCZone has indeed helped lure investments, but the matter requires more billions of pounds to complete the infrastructure, he said.
He added that a plan is underway to locally manufacture active ingredients of drugs, especially that Egypt imports about 95 percent of its medications.