SCZONE allocates land for water pump maintenance center with investments worth $5M

CAIRO - 24 July 2023: The General Authority of the Suez Canal Economic Zone (SCZONE) is allocating an area of 30 thousand square meters for Japan’s Torishima to establish a center for assembly, manufacturing, supply, and maintenance of huge water pumps with investments of $5 million.

The signing of this cooperation will create a pump service facility serving the Egyptian market, and Torishima’s investments will be increased within five years.

 “This cooperation with the Japanese side would strengthen the partnership between the two sides and attract many diverse foreign investments within the economic zone, as the SCZONE aims to attract more Japanese investments and work to encourage and support its industrial developers in Sokhna, due to the presence of Japanese investments within its industrial zones, in reference to the trade relations between Egypt and Japan, which qualify the strong presence of Japanese investments inside Egypt and benefit from its prime geographical location that facilitates access to Japanese products to the African and European markets,” Waleid Gamal El-Dien, Chairman of SCZONE, said.

SCZONE’s Chairman, Waleid Gamal El-Dien witnessed the signing of a contract to allocate land for Torishima water pumps project which is necessary for some industrial and civil purposes for sewage treatment and desalination plants within the Industria Sokhna project owned by Elsewedy Industrial Development, a subsidiary of Elsewedy Electric.

Through the service center in Sokhna, Torishima Group intends to rehabilitate and increase the efficiency of motors and pumps owned by the Government of Egypt.

It's worth noting that Japan’s investments amounted to more than $73 million in Egypt during fiscal year (FY) 2021/2022, an annual increase of 98.70% from $37.10 million.

The value of bilateral trade between Egypt and Japan retreated by 26.30% year-on-year to $1.10 billion in 2022 from $1.60 billion.

Japan received Egyptian goods worth more than $260 million last year, lower by 53% than $554 million in 2021, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).