The General Authority for the Suez Canal Economic Zone (SCZone) has received eight requests from local and international companies to invest on an area of 4 sqkm.
Mahfouz Taha, deputy head of the SCZone Authority, said that the companies that have requested allocating the land seek to establish petrochemical industry projects, as well as projects to assemble cars, and others for the textile and silicone manufacturing industries. The authority is examining the requests of companies in preparation for allocating lands.
He added that the SCZone provides investors with tax and customs incentives. The zone is receiving several investment requests following the laws and legislations announced by the government.
He explained that the process to invest in the zone and promote investment opportunities is taking steady and successful steps. The region receives much attention from investors, according to Taha. “We are working to diversify the sources of investment in the zone to make this zone one of the first priorities of the major international companies working in various fields,” he added.
He said that the authority received 13 requests to invest on an area of 6 sqkm. Negotiations are ongoing regarding this area.
Taha said that the SCZone will sign the final contract with the Russian side to establish the Russian industrial zone over the upcoming month, according to the agreement made during Russian President Vladimir Putin’s recent visit to Cairo.
He pointed out that negotiations with the Russian side took a whole year, during which about 20 meetings were held between ministers, officials, and investors. After signing the final contract, the implementation of the first phase of the project will take place.
The Russian industrial zone will be located on 5.25 sqkm, and it will be implemented in three phases over 13 years. The zone is considered a link for Russian companies with European and African markets. “The land of this zone is subject to the usufruct conditions, and no investor is preferred over another, as everyone is subject to the same law,” he added.
The investments of the Russian side in the industrial area in East Port Said are estimated to be $6.9bn. The work on the first phase starts in 2018 to develop 1 sqkm by the Russian industrial developer, as the Russian developer will work to attract Russian companies in 2018 and 2019 to establish industries in the field of sensors, air conditioners, and motors manufacturing.