Egyptian Prime Minister Dr. Mostafa Madbouly met with Walid Gamal El-Din, President of the Suez Canal Economic Zone (SCZone), at the government’s headquarters in the new administrative capital.
The meeting focused on reviewing the progress of various projects within the SCZone.
Prime Minister Madbouly began the meeting by emphasizing Egypt’s reliance on the SCZone to attract foreign direct investments, a goal that has been successfully achieved recently, highlighting the area as a promising investment hub offering extensive incentives and advantages to investors.
Gamal El-Din revealed that during the first half of the current fiscal year, from July 1, 2023, to December 25, 2023, investments worth approximately $1.85 billion were secured.
This includes 47 projects with final approvals amounting to $941 million and 42 projects with preliminary approvals, currently finalizing procedures, amounting to $908 million.
He noted that 49% of these projects with final approvals are foreign investments, including nine projects by Chinese companies in various sectors such as carpet manufacturing, textile printing, water mixer assembly, home appliance manufacturing, establishment of a private customs warehouse, and all stages of ready-made clothing and accessories.
Additionally, projects from countries like India, Saudi Arabia, South Korea, Canada, UAE, Syria, America, Greece, Turkey, Germany, and Jordan have been finalized.
These projects span multiple industries, including car tire manufacturing, transportation, ready-made clothing, chemical cosmetics, specialized investment zones, used car storage, home appliance manufacturing, chemical production, furniture manufacturing, meat processing, and fertilizer production.
Gamal El-Din also mentioned that among the projects with preliminary approvals, six are Chinese projects in electric device manufacturing, household product manufacturing, cookware, extraction and separation of minerals from black sands, and various textile industries.
There are also nine projects from India, Turkey, UAE, Germany, South Korea, and Japan in areas like solar energy, maintenance centers, textiles, plastic products, packaging materials, and feed manufacturing.
