Suez Canal investment project launched

suez-canalPrime Minister Hesham Qandil has pointed out that the government is willing to offer some areas around the Suez Canal for investment projects, but it will be under the terms of usufruct. He made these remarks at the first conference on the Suez Canal Corridor Development Project. A law has been designed to regulate the affairs of the project which won’t allow ownership of lands.
Although studies on some parts of the canal for the project are still being conducted, the Prime minister said the project will immediately be launched. He added that the aim of the new bill, which has taken into consideration the standard of its security forces, “is to organize and coordinate work among investment zones in Egypt and facilitate their procedures.” The conference attracted businessmen and investors within and outside Egypt. The government wants to use the trade route of the canal to further introduce, elaborate and delineate a development project for the Suez Canal region by seducing investors and businessmen with its plan. Housing Minister Tarek Wafik said the project is “based on using the comparative advantage of the Suez Canal.” 12% of the international trade and 22% of global container transports use the canal per annum. The conference’s objectives are to introduce the project and tell the world business community about Egypt’s new position, Minister Wafek concluded.
One of the countries to have already manifested great interest in Egypt after the Arab Spring is china. Its companies have been increasing their presence in the country and have been able to conclude several important deals with the Egyptian authorities especially concerning the establishment of industrial zones and establishing partnerships. They have already shown interest in the Suez Canal Corridor development project.