Suez Canal chief: Plans to attract investments from BRICS countries

Suez Canal
Photo: Anadolu Agency

Chairman of the Suez Canal Economic Zone (SCZONE) Walid Gamal Eddin said Egypt’s accession to the “BRICS” group will promote investments in the region, taking into account that the important countries in the international economic bloc; topped by China and Russia are already Egypt’s partners.

In exclusive statements to MENA on the sidelines of foundation stone-laying ceremony for Al Suwaidi Training Academy, Gamal Eddin said the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, which operates within the Suez Canal Economic Zone, includes the largest number of Chinese companies.

He further noted that TEDA is one of the largest companies that has Foreign Direct Investments (FDIs) in the Suez Canal Economic Zone through 140 companies, with total investments amounting to dlrs 1.6 billion dollars, the total sales volume estimated at dlrs 3.5 billion, and dlrs 2 billion in paid tax revenues, a matter that contributed to the availability of 5,000 direct jobs and 50,000 indirect jobs.

The Russian industrial zone, planned to be established in Sokhna and east of Port Said, is the first Russian industrial zone outside Russia’s borders, he added.

Last year, the volume of investments in the Suez Canal Economic Zone reached dlrs 3 billion in 50 projects.

There are currently initial contracts in 50 projects, he added.

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