The Suez Canal Economic Zone (SCZone) opened negotiations with engineering and consulting firms to develop the infrastructural work in order to have a “smart industrial logistic zone”, Chairman of SCZone Ahmed Darwish said.
SCZone has a flexible autonomous legal framework permitting it to take all decisions within the zone.
“The free zone has no customs and its taxes will operate within the legal framework set by Egyptian law with an income tax of 22.5%,” Darwish said. “Solving disputes and collection of taxes for the government will also operate within the zone.”
The Suez Canal Zone could be one of the main players in the world trade movement, which includes Jebel Ali in the UAE, Panama, Shanghai, and Hamburg.
According to Darwish, the zone can attract all investors as “each [port] has its own flavour, style, and characteristics”. East Port Said harbour can serve the Mediterranean Sea, Eastern Europe, and Africa.
Aside from the axis entrance, the port of East Port Said can be accessed through three tunnels; two are road tunnels while the third is for trains.
“The construction of the two platform will take a year,” said Darwish.
Constructing the tunnels will take between three to three and a half years while the infrastructure work will take about 24 months.