SCZone, Hungary's HEPA to Sign Joint Agreement by End of Month

The Hungarian capital - Budapest, witnessed extensive meetings between Mr. Waleid Gamal El Dien, Chairman of the Suez Canal Economic Zone (SCZone), and officials of the Hungarian Export Promotion Agency (HEPA) to discuss investment opportunities and the cooperation between the two sides within the industrial zones and ports of the zone.

This came during the Egyptian-Hungarian economic forum on Thursday.

The Chairman of SCZone started his current visit to the Hungarian capital, Budapest, with extensive meetings with officials of the Hungarian Agency, as well as representatives from several companies and investors in Hungary. He introduced the investment incentives and the business climate within SCZone. 

He also explained the support provided to the investors, especially after issuing some special incentives, especially the golden license for projects which is launched by the Egyptian government to encourage investors.

“SCZone enjoys several incentives including tax and customs, the local road networks, and the mega tunnels under Suez Canal, which contribute to the ease of movement and connectivity for goods and people. In addition to being the main gateway to Africa, regional, and global markets. It offers its investors competitive advantages that qualify them to reach a larger number of consumers around the world. 

SCZone also joined the Egyptian export support program and enjoys special rules for import and export,” Gamal El-Dein declared.

The Chairman of SCZone also discussed with the officials of HEPA the means of cooperation in SCZone’s targeted sectors, including the automotive and electronics industries in its industrial zones which are designated for these industries. They also discussed a signing cooperation agreement between the two sides on the sidelines of the upcoming visit for the Hungarian Prime Minister this month to Cairo, and coordination took place during the meeting to identify joint work axes between SCZone and HEPA in promoting the targeted industries for the zone.

On the other hand, Gamal El-Dien met officials of several Hungarian companies which are working in the field of logistics, electronics, and electrical connectors involved in the manufacture of cars and tractors, as this field is an essential part of SCZone's strategy for 2020-2025.

SCZone’s chairman also discussed means of cooperation with a group of German investors in Hungary who are interested in the automotive industries and other various sectors. He presented the business procedures to investors within SCZone and, especially the one-stop-shop services that terminate all the procedures such as licenses, registration, and permits on the behalf of the investors without dealing with any other parties.