Yehia Zaki, Chairman of the Suez Canal Economic Zone (SCZone) said that investment incentives are an essential part of the authority’s strategy 2020/25; within the framework of the Egyptian state’s plan and policies to simplify business procedures and improve the investment climate for investors.
Zaki explained, in a statement issued on Wednesday, that the zone allows investors to deal with one-stop services, at which all procedures such as licenses, registration, permits and others are implemented for investors without dealing with any other parties.
This came during a meeting held by the Chairman and Mohamed Abdel Wahab, President of the General Authority for Investment and Free Zones (GAFI) on the sidelines of the Egyptian-Hungarian Business Forum, with officials of the Hungarian Ministry of Foreign Affairs and Trade to discuss cooperation opportunities between the two sides, investment opportunities and development projects that Egypt is currently witnessing.
According to the statement, a meeting was held with István Joó, Deputy State Secretary for Export Development, and his accompanying delegation, during which the incentives and facilities offered by the authority were presented.
Zaki also met Kristóf Szabó, CEO of the Hungarian Export Promotion Agency, in the presence of Abdel Wahab, and Mohamed El Shennawy, Egypt’s ambassador to Hungary to discuss ways of cooperation between the agency and the zone.
In this regard, Zaki explained that the SCZone includes 6 ports overlooking the Mediterranean and the Mediterranean and 4 industrial zones, and therefore it is the main gateway to many global markets and gives its investors competitive advantages that qualify them to reach a larger number of consumers around the world, in addition to joining The area for the Egyptian Export Support Program and its special rules for import and export.
In a related context, the Egyptian side met with members of the Hungarian Chamber of Commerce and Industry, where the meeting included introducing the economic zone and presenting the industrial sectors targeted for investment, on which the authority’s vision is based and the localization of these industries in the affiliated regions and ports, according to the zone’s plan for five years until 2025.
On his part, Abdel Wahab called on the Hungarian business community to explore opportunities for joint investments with Egyptian companies in Africa, for the mutual benefit of transferring European technology to Egypt and the continent of Africa, especially in sectors that Hungary enjoys a competitive advantage, such as pharmaceuticals, medical devices, engineering industries, and water treatment.
Egypt will be the platform for Hungarian companies to invest and export to 1.5 billion consumers in Africa and the Middle East, whose countries are linked to trade and investment agreements with Egypt.
The two sides also agreed to activate the memorandum of understanding (MoU) signed by the General Investment Authority with the Export Promotion Agency, last September, which provides for the support of Hungarian companies wishing to implement investment projects in Egypt.
According to the statement, the Hungarian side showed great interest in the investment opportunities available in these sectors, and encouraged Hungarian companies to invest in the economic zone.