Egypt to sign 7 MoUs with Vietnam investors: Minister

CAIRO – 22 August 2017: Egypt will sign seven memoranda of understanding and two project programs with Vietnam this week, during the visit of Minister of Investment Sahar Nasr and Chairman of the Suez Canal Authority Mohab Mamesh.

The agreements will target opening new investment opportunities for Vietnamese investors in Egypt, Nasr said in a Monday statement.

During their visit, set from August 22 to 26, the pair will meet Vietnamese companies operating in communications and textile sectors, to present investment opportunities in the Suez Canal Economic Zone (SCZone).

Earlier this month, Mamesh announced that he will visit Vietnam and Singapore, along with Nasr, in August to promote SCZone.

Aiming to have a business and trade hub, President Sisi adopted the Suez Canal Economic Zone (SCZone) project, under which traders and investors would be given tax and business incentives, preferential treatment and support services.

Under this project, the Suez Canal area will be converted into an economic authority and will work as single-window in completing all the investors’ procedures away from all ruling legislations of economic activity in Egypt.

Among the incentives offered to investors are a 10 percent unified income tax and access to skilled labor in manufacturing sectors at competitive costs.