صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt and NDB Forge Stronger Ties with Major Developments in Suez Canal Economic Zone


Thu 13 Jun 2024 | 07:40 PM
H-Tayea

Dr. Rania Al-Mashat, Minister of International Cooperation and Acting Governor of Egypt at the New Development Bank (NDB), and Ms. Dilma Rousseff, President of the NDB, concluded a pivotal seminar with a visit to the Suez Canal Economic Zone. The seminar, themed "Navigating New Horizons," emphasized Egypt's strategic initiatives to foster international partnerships and enhance its development efforts.

Minister Al-Mashat highlighted the Suez Canal Economic Zone's critical role in Egypt's sustainable infrastructure development over the past decade. "Our goal is to leverage the mechanisms of the New Development Bank to support our national development efforts and enhance the partnership between NDB and the Egyptian business community," she stated. The zone's strategic location, connecting Asia and Africa, has been instrumental in attracting foreign direct investment, localizing industries, and boosting exports.

A significant announcement during the seminar was a Chinese grant to establish a vocational training center in the Suez Canal area. The 40,000 square meter center will be equipped with advanced technology to train skilled labor across various industries, including energy, renewable energy, and communication technology. This initiative aims to enhance the skills of Egypt's workforce and support the country's economic growth.

Waleid Gamaleldein, Chairman of the Suez Canal Economic Zone, emphasized the zone's success stories with numerous BRICS countries, particularly China and India. "We seek to provide a supportive investment environment for the expansions and goals of BRICS countries," he said. Gamaleldein also highlighted the zone's world-class infrastructure and strategic integration of ports, industrial, and logistical zones, making it a model for supporting supply chains and trade movement.

The seminar showcased existing partnerships within the Suez Canal Economic Zone, including the "TEDA-Egypt" industrial zone, an Egyptian-Chinese economic cooperation that hosts 160 companies with a total investment of $2 billion. Additionally, partnerships in port operations with global shipping alliances such as Hutchison, COSCO, and CMA were highlighted as successful collaborations.

The delegation inspected development works at Ain Sokhna Port and visited the Chinese industrial developer "TEDA-Egypt," celebrating over 15 years of partnership. They also toured the industrial developer "Orascom for Industrial Zones," which has developed 10 million square meters and is actively attracting further investments for its expansions.

This visit marks a significant milestone in Egypt's efforts to position the Suez Canal Economic Zone as a global logistics hub. The partnerships and initiatives discussed during the seminar are expected to drive economic growth, enhance Egypt's strategic importance on the global stage, and stimulate development in emerging economies.