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SCZone receives 20 requests for investment in region - Daily News Egypt

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SCZone receives 20 requests for investment in region

Companies are seeking to establish petrochemical, textiles, electronics plants

The Suez Canal Economic Zone (SCZone) has received 20 requests from local and international companies for investment, sources told Daily News Egypt.

The sources added that the companies are based in Saudi Arabia, the UAE, England, and the US, and they have submitted bids to establish projects for the fields of automotives, petrochemicals, textiles, electronics, and the manufacture of therapeutic medicines. The SCZone is examining the applications of companies in preparation for land allocation.

Sources pointed out that the negotiations stalled with the coalition, which expressed its desire to establish the city of pharmaceutical industries earlier and still re-studies the feasibility of the project, which will then be followed by an examination from the SCZone committee.

Mahfouz Taha, vice president of the SCZone, said that they aim to keep abreast of the development in the industrial and development areas that seek to achieve economic growth and implement the principles of sustainability.

He pointed out that the SCZone seeks to promote investment and development of small and medium enterprises and provide employment opportunities and rehabilitation of productive and trained workers as a means to develop the region in a sustainable manner.

Moreover, he said that the SCZone provides investors with tax and customs incentives, which is why they receive many requests for investments.

“Whoever applies for a factory receives many incentives according to the type of study provided, and infrastructure is available in the region,” Mahfouz stressed.

The SCZone includes six ports, including West Port Said Port, East Port Said Port, Adabiya Port, El Arish Port, El Tor Port, and Ain El Sokhna Port.

It also includes the industrial area east of Port Said, the technological valley park north of Ismailia, and the industrial zone northwest of the Gulf of Suez. The industrial zone will be built on an area of ​​460 sqkm. A world centre for industries and logistics services will be established to attract foreign investments.

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