The Suez Canal Economic Zone (SCZONE) has announced that it signed contracts for 60 projects in industrial zones and ports, with a total investment value of $3.57bn, during the last fiscal year (FY) 2022/2023. The Chairperson of SCZONE, Waleed Gamal El-Din, said that 53 of these projects were in industrial zones, worth $2.23bn, while the remaining seven were in ports, worth $1.34bn.
Gamal El-Din added that the authority also gave preliminary approval to another 55 industrial projects, with a total investment cost of $1.7bn, and registered 68 new companies in the region. Moreover, 50 companies obtained a construction license, and 11 framework agreements were signed to produce various types of green fuel annually.
He said that these achievements reflect SCZONE’s vision to create competitive industrial clusters that can meet the local demand for several industries and also export to global markets.
The SCZONE is participating in the second edition of the International Manufacturing Convention and Exhibition (IMCE), which is held by the Federation of Egyptian Industries under the patronage and presence of President Abdel Fattah El-Sisi from October 28 to October 30.
Gamal El-Din said that the SCZONE’s participation in the exhibition is significant, as it showcases its four industrial zones and six seaports that have been equipped with international-standard infrastructure at $3bn. He also said that SCZONE’s strategy aims to localise 21 industrial and service sectors, including the green fuel industry and its related industries.
He added that the SCZONE is an integral part of the Egyptian state’s strategy to localise the auto industry, and invited the visitors to the exhibition to learn more about the industrial sectors in the economic zone through the SCZONE’s pavilion at the exhibition.
Source: Daily News Egypt