SCZONE signs protocol with Egyptian Commercial Representation to boost FDIs to Egypt

CAIRO – 19 November 2024: The Suez Canal Economic Zone (SCZone) has signed a cooperation protocol with the Egyptian Commercial Service Authority, aiming to strengthen collaboration and attract foreign direct investment (FDI) to Egypt. 

 

The protocol, signed by Chairman of the SCZone, Walid Gamal El-Din, and the Minister Plenipotentiary and Head of the Egyptian Commercial Service Authority, Yehia Al-Wathiq Billah, focuses on enhancing investment opportunities and improving industrial output, job creation, and export levels. This agreement is part of ongoing efforts to foster economic growth and contribute to Egypt's national development plans.

 

In his statement, El-Din emphasized the protocol's alignment with Egypt’s strategy to attract more foreign investments and support investors in overcoming any challenges they face, whether in new or existing projects.

 

He highlighted the importance of creating a conducive environment for investment and stressed the need for joint government efforts to ensure this.

 

"The Suez Canal Economic Zone is committed to working with all relevant state entities to promote its strategic location, industrial zones, logistics infrastructure, and ports, all of which provide a highly attractive investment environment," said El-Din.

 

El-Din further noted that the SCZone's promotional efforts target 21 industrial and service sectors, all of which have been tailored to local and regional market demands. 

 

He stressed that the cooperation with the Egyptian Commercial Services Authority, as the economic arm of Egyptian diplomacy, would enhance these efforts and contribute to achieving the country's broader economic agenda.

 

Al-Wathiq Billah emphasized that the SCZone has become a central partner in the Egyptian Commercial Services’s efforts abroad, particularly in attracting international investments.

 

He highlighted successful collaborations in sectors such as energy, green hydrogen, textiles, engineering products, and ammonia production. Notably, major international investments in green hydrogen have already been secured, with progress made in agreements with European, Chinese, Turkish, and engineering companies for various projects in the SCZone.