- Suez Canal investment decree approved by government
- Egypt hoping to accelerate investment in the Suez Canal area
Egypts government has approved a draft decree establishing the General Authority of the Economic Zone of the Suez Canal (GAESC), according to a cabinet statement.
The decree will change the area into an economic authority, allowing GAESC, formerly known as the SCZone, to act as a single window able to deal with investors directly, without having to redirect them to other government bodies. It aims to reduce the level of bureaucracy often associated with trying to do business in Egypt.
During Egypts Economic Investment Conference (EEDC), the Investment Ministry and the Suez Canal Authority also signed a memorandum of understanding (MoU) to help boost investment in the new zone. The ministry will provide consultancy services to the authority.
The new Suez Canal Zone (SCZone) project covers 500 square kilometres of industrial facilities and six ports along the canal, and was presented to potential investors during the economic summit held between 13-15 March.
It will be a home for companies involved in shipping, logistics, information and communications technology (ICT) and energy services.
The projects focal points will be spread across the port cities of Ismalia, Port Said and Ain Sokhna.
The passing of the law is expected to accelerate investment in the Suez Canal Zone, with the government keen on attracting small and medium sized industries in a bid to diversify the Egyptian economy.
A source close to the project tells MEED that a number of Russian companies have expressed interest in the area.