Suez Canal Economic Zone Collaborates With Global Operators to Boost Ports' CompetitivenessSource: www.export-egypt.com 5/13/2023, Location: Africa |
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The Suez Canal Economic Zone is considering incentives to attract global shipping lines to its ports and leverage its strategic geographical location on both sides of one of the world's most important shipping routes, according to Walid Gamal El-Din, chairman of the economic zone.
The authority places a great premium on expanding its ports in order to increase their competitiveness with neighboring peers. To compete with the world's ports, the objective is to partner with large worldwide operators to manage and run docks and stations. Gamal El-Din highlighted the ongoing plans to connect these ports via a network of advanced roads and railways, especially the connection between the Ain Sokhna port and the Mediterranean Sea through the high-speed train under construction. He revealed this information during the seminar organized by the Egyptian Embassy in The Hague in the presence of Hatem Abdel Qader, Ambassador of the Arab Republic of Egypt to the Netherlands, representatives of the Egyptian Sovereign Fund, economic and investment bodies, Dutch business associations, and major Dutch companies in various fields such as new and renewable energy, transportation, logistics, and construction. This came on the sidelines of the participation in the World Hydrogen Forum held in Rotterdam. He also reviewed the distinctive potentials of the authority compared to its counterparts in terms of location, infrastructure, and ease of access to international markets, especially in light of Egypt's agreements for regional free trade with some Arab countries and economic blocs in Africa, North and Latin America, and the European Union, which opens up broad prospects for investors. Additionally, the ports' services serve international trade movement due to their location on the Red and Mediterranean seas, in addition to direct and indirect financial incentives provided to investors. Gamal El-Din also highlighted Egypt's strategy to become a regional hub for the production and trade of green hydrogen and supplying maritime transport with it as one of the most important energy sources. The Suez Canal is a vital waterway for world trade and connects the Mediterranean and the Red Sea. Egypt's Economic Zone has been developing its ports and transportation infrastructure to attract investment and boost its economic growth. The government's strategic focus on creating an attractive business environment has resulted in several incentives being offered to investors, such as tax breaks and simplified procedures. |
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