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Egypt: Suez Canal economic zone draws $4.6bn in investments over 18 months

Thursday, 29 February 2024 15:18
Egypt: Suez Canal economic zone draws $4.6bn in investments over 18 months

(Ecofin Agency) - The Suez Canal Economic Zone (SCZone) in Egypt has attracted $4.6 billion in foreign investments over the last 18 months, from August 2022 to January 2024. This influx of capital into the special economic area, which is located near a vital maritime route handling 12% of global trade, was driven by a group of countries including China, Saudi Arabia, India, Turkey, Germany, and Japan.

According to information released on February 22 by the authority managing the zone, the investments have been channeled into 90 industrial projects and seven port modernization and expansion projects. Walid Gamal El-Din, the chairman of the Suez Canal Economic Zone Authority, shared these details during a visit to Brussels.

He further noted that the SCZone Authority granted final approvals to 48 projects, with total investments amounting to $991 million, during the first half of the current fiscal year (July 1 to December 31, 2023). Moreover, 42 other projects representing investments of $908 million received preliminary approvals.

Established in 2015 following the expansion of the Suez Canal, the SCZone offers investors tax incentives (including reductions or eliminations of taxes), infrastructure (such as developed land, factory buildings, and public services), a special customs regime (exemption from customs duties and taxes for inputs), and simplified administrative procedures compared to the national environment. The key appeal of this special economic zone lies in its strategic location on a maritime axis connecting three continents, facilitating nearly 12% of the world's annual merchandise trade.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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