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Suez Canal Economy: We have all the capabilities that qualify to attract investments


With great support from the political leadership, the Suez Canal Economic Zone succeeded during the first five years 2015-2020, in cooperation and coordination with the concerned authorities and institutions in the country, in meeting the requirements of investment in it, and preparing it to receive capital, through the development and development of the infrastructure of the industrial zones and their ports. This contributed to attracting new investments to it. Its projects included 7 sub-electricity stations, two seawater desalination plants, 6 sewage treatment units, and the establishment of 3 communication centers supported by a fiber-optic cable network, and a natural gas pressure reduction unit, in addition to the giant infrastructure projects that it implemented. The Egyptian state, in the areas surrounding the economic zone, to raise its efficiency and prepare it to achieve its goals, including the network of modern roads and tunnels, such as the renewal of the old Ain Sukhna Road “Wadi Hajoul”, the construction of the “30 June Corridor”, “Al Qantara East Road”, and the implementation of 4 giant tunnels Below the shipping lane of the Suez Canal.

 

After preparing and strengthening the industrial zones and affiliated ports with infrastructure and a network of facilities designed with the latest international standards, the Suez Canal Economic Zone begins the next five years by developing a new strategy and vision commensurate with global economic variables and transformations starting in 2020 and ending in 2025, which are based on:

 

Creating new investment opportunities in the industrial and marine sectors.

Localization of priority industries.

Adoption of the integrated industrial clusters policy.

Maximizing the economic zone's role as a global logistics hub and hub in global supply chains.

Developing the work system in ports to attract investments and international shipping lines.

Develop an effective system to provide marine services and ship catering services.

Creating platforms for small and medium industries.

Establishing financial, commercial and service centers.

 

In line with the vision of the Egyptian state, the economic zone targeted specific industrial sectors that work to attract investments, including:

 

The petrochemical industry, which is concentrated in the industrial zone of Ain Sukhna, as it qualifies to be the most important global platform for the manufacture of petroleum products.

 

Manufacture of accessories for railway cars in the industrial zone in East Port Said to meet the needs of the local and regional market.

 

Marine and ship supply services in the six affiliated ports to maximize the added value of the services provided.

 

Diverse industries of textiles, electronics, solar panels, auto parts, as well as food industries.

 

Investment incentives in the economic zone

The economic zone enjoys incentives

A variety of investments, including direct and indirect, as it enjoys zero customs tax, zero value added tax, investment incentives on income tax, and others that attract more investments, in addition to its geographical location and international agreements that allow its products to enter global markets.

 

During the year of the Corona pandemic 2020, the economic zone succeeded in achieving high performance and indicators, both in the port business as well as the industrial zones, and the zone has coordinated with the concerned authorities to issue some decisions that will improve the business climate and attract new and diverse investments, as the economic zone has a special executive regulation. It enables it to grant financial facilities and incentives to investors and improve the business climate. The zone is also characterized by special rules for import and export to and from the economic zone, which include treating the products manufactured within it as the local product, and these incentives the Egyptian government had a major role in pushing to attract investments within the economic zone.

 

Among the amendments included in the executive regulation is a package of non-tax incentives for labor-intensive projects, or those that deepen the local component of their production, or that invest in the fields of land and sea transport, railways and logistics, or in the fields of renewable energy.

 

The economic zone has also worked on issuing a special customs guide to create an investment climate and give more transparency in work procedures to meet the wishes of investors, in addition to simplifying procedures for investors to facilitate the procedures for releasing goods and merchandise at affiliated ports.

 

In the context of the digital transformation witnessed by the Egyptian state, the Suez Canal Economic Zone launched a new website in English to work on permanent communication with the community of businessmen and investors around the world, to provide services to investors electronically, and to move the services provided by the economic zone to an innovative business model that relies on On digital technologies, the issuance of the authority’s website in Arabic will be launched this month to be an integrated site for all customers and investors dealing with the region and others.

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