Adel El Lamey, the chairperson of the Port Said Chamber of Shipping, said that if the Suez Canal Economic Zone (SCZone) is utilised optimally, it will become the development locomotive for Egypt during the next 30 years, because it has a number of features that do not exist elsewhere in the country, next to its distinctive geographical location.
He added that the SCZone is characterised by a special law, which is a competitive advantage compared to other areas inside Egypt, because the law is flexible. If it is adhered to and implemented, it would have a positive impact by helping investors and eliminating government bureaucracy, which is one of the most important obstacles to investment.
Meanwhile, El Lamey said that steps being taken to prepare the SCZone are accelerating compared to the past, highlighting six berths extending over 3.5 km in the East Port Said Port, which will be completed in the coming few months.
This is compared to a 1.5-km berth established in the current container terminal over 10 years, which means that constructions are faster than ever.
El Lamey said that the logistics area is one of the competitive advantages of the SCZone as well as the industrial zone with an area 40 square km, of which 4 square km have been completed already, close to the residential communities.
The signing of DP World with Suez Canal Authority is a major development step for the region according to El Lamey. President Abdel Fattah Al-Sisi agreed to establish a joint development company between the Suez Canal Authority and DP World to implement projects in the Suez Canal area, stressing that the Egyptian government will provide all the necessary support to start the implementation of projects as soon as possible.
El Lamey said that this region is witnessing a great economic movement, which helps to drive economic growth significantly and within a few months will show the effects of these positive steps on the Egyptian economy.
Moreover, El Lamey said that the steps being taken by Mohab Mamish, the head of the SCZone, are important as he is working to promote investment opportunities for the region in several countries with close economic cooperation with Egypt.
He added that he is working on attracting shipping lines to Egypt. For example, a few weeks ago, a decision was issued to reduce the fees in some ports, which will help attract new shipping lines. This opens opportunities for investment in the region in the field of logistics services and opening the door to investment in value added services for ships such as ship fuel stations and maintenance stations.