American Companies Announce at the Suez Canal: "This Is the Time to Invest In Egypt"
Source: www.export-egypt.com 10/30/2018
Chairman of the Suez Canal Authority, Mr. Mohab Mamish: "We have made great strides in the development of the Economic Zone and are close to completing all its infrastructural requirements".
Dr. Sahar Nasr: "There are 100 investment opportunities in the Suez Canal Corridor… We are looking forward to turning it into a regional center for investment and a gateway to a huge market serving 100 million Egyptian consumers, 1.2 billion Africans, and 400 million Arabs".
Dr. Sahar Nasr, the Minister of Investment and International Cooperation ("MIIC Minister"), and Vice Admiral Mohab Mamish, the Chairman of both the Suez Canal Authority ("SCA") and the Suez Canal Economic Zone (the "SCZone"), together with a US delegation consisting of many leading American companies that would like to invest in Egypt paid a visit to the SCZone and the Canal new tunnels. They discussed prospect investment opportunities in the area. This visit came as an acceptance to President El-Sisi's invitation to representatives of American companies to visit national mega projects that are currently being executed and to see realized achievements, potential developments and available investment opportunities in the Egyptian market.
The visit was attended by Mr. Khush Choksy, the U.S. Chamber of Commerce Senior Vice President for the Middle East & Turkey Affairs, and Mr. Thomas Goldberger, Chargé d'Affaires of the U.S. Embassy in Cairo, Egypt. From among the major companies that attended the visit were Abbott, Bechtel Corporation, Sanofi Pasteur, Orascom/Watts Constructors, FedEX, MetLife, Vitas Group, and NxtVn.
The U.S. companies expressed their interest in the major investment opportunities in the SCZone and confirmed that they intend to inject new investments into this area stating that it is time to invest in Egypt.
Mr. Choksy confirmed that the visit to the SCZone was an acceptance to the invitation made by H.E. President Al-Sisi's during his latest meeting with the U.S. Chamber of Commerce.
He also explained that the United States is the third largest investor in Egypt. Many US companies carry on business in sectors such as gas, insurance, pharmaceuticals, agriculture, financial services, and information technology, and play a vital role in advancing economic relations between Egypt and the U.S, Mr. Chosky added.
Mr. Chosky also pointed out that investment in Egypt is currently very positive, and US companies would like to inject new investments in the Suez Canal Corridor. The U.S. companies delegation includes more than 40 companies that received a good impression of investment in Egypt. Finally, Mr. Chosky thanked the government leadership for the recent legislative reforms.
"We would like to increase investment in Egypt and are looking for the right place, whether in the Suez Canal or the 1.5 Million Feddan Project," said Mr. Klaus Baumann, a consultant to the American company, EgyCo. He also explained that his company is using a new agricultural technology, which they would apply to their investment in Egypt. He added that the company utilizes agricultural fertilizers and train personnel on how to use the new machinery.
Mohammad Shaheen, managing director of FedEx Express, said that the investment environment in Egypt is very suitable for injecting more investments. He added that his company would like to invest in the SCZone in the field of logistics.
Dr. Sahar Nasr said that the Suez Canal Corridor includes more than 100 investment opportunities, pointing out that Egypt is seeking to make the Suez Canal Corridor a regional center for trade and investment and a gateway to a huge regional market serving 100 million Egyptian consumers, 1 billion and 200 million African consumers and 400 million Arab consumers.
Dr. Nasr asserted benefiting from the investment and trade partnership agreements signed by Egypt with the Arab and African countries, in addition to the bilateral partnership agreements with major markets, especially the United States of America and the European Union.
Mohab Mamish stated that Egypt has made great strides in the development of the SCZone by attracting many local and foreign investments through contracts worth billions of dollars, reflecting the local and foreign investors' trust in the Egyptian economy
He pointed out that the SCZone BoD is on its way to accomplish the implementation of all the SCZone infrastructure needs, whether power plants, desalination plants or the connection of utilities to all sites of projects in the Zone. In addition, he asserted that the SCZone BoD is developing the transport and logistics network in the SCZone ports, and he assured the importance of activating and applying the smart transport system and increasing the capacity of the ports to make Egypt a global center for the transport and logistics industry and a main link in the global value-added chain, contributing to the realization of the requirements of the economic development plans in Egypt.
In parallel, Mamish also stated that the SCZone BoD is working a comprehensive and continuous development of the Suez Canal's navigational course.
Such development has begun to bear fruit with the recovery of the global trade movement, which is reflected on integration with the SCZone, making a leap in investment in the Zone and the national economy.
“The Suez Canal has become the lifeblood of all countries of the world, where the trade has now shifted from east to west.
The Canal has contributed to the delivery of medicines and all needs faster. The Suez Canal has been deepened to a depth of 24 meters to benefit the future generations, thus contributing to making the Suez Canal the first canal in the world, where investors are now striving to reserve places in it. We currently diversify investments in coordination with the MIIC, set the best investment incentives, provide more facilities and remove any obstacles to the development of the Zone”, Mamish said.
He added that the New Ismailia City is the first city in the SCZone, which will contribute to providing job opportunities for youth in Egypt.
Subsequently, Mamish accompanied Dr. Nasr and the US companies in a cruise visit to the new Suez Canal and another cruise to one of the Suez Canal tunnels. He pointed out that the four tunnels will shorten crossing the two banks of the Canal in 4 minutes instead of hours, as is happening now, explaining that these tunnels are considered a new epic by the Egyptians in digging tunnels and crossing to Sinai, and they completely eliminate terrorism by linking the east of the Canal to its west.