● Minister of International Cooperation: We are working on enhancing the partnership between the New Development Bank and the business community and national entities in Egypt to leverage its various mechanisms to support development efforts.
● Chinese grant to inaugurate a vocational training center in the Suez Canal area covering 40,000 square meters to train skilled labor in various industries.
● Waleid Gamaleldein: The economic zone of the Suez Canal has success stories with many BRICS countries.
● Waleid Gamaleldein: We seek to provide a supportive investment environment for the expansions and goals of BRICS countries.
At the conclusion of the New Development Bank Summit, which was held over two days under the theme "Navigating New Horizons," Dr. Rania Al-Mashat, Minister of International Cooperation and Acting Governor of Egypt at the New Development Bank (NDB), accompanied H.E. Ms. Dilma Rousseff, President of the Bank, and the bank's delegation on a visit to the economic zone of the Suez Canal to get acquainted with the zone and discuss possible cooperation opportunities in areas of common interest.
H.E. Minister Al-Mashat, explained that the economic zone of the Suez Canal is the result of efforts made by the Egyptian state over the past decade to develop sustainable infrastructure and exploit its strategic location to connect Asia and Africa continents. It has also utilized this advantage to attract foreign direct investments, localize industries, and encourage exports from the region as a global logistics hub for various countries worldwide.
H.E. Dr. Rania further pointed out that the Ministry of International Cooperation, through its role in enhancing common relations with development partners, aims to introduce the efforts of the Egyptian state and to update international institutions and bilateral partners on the successive developments to facilitate the investment environment, encourage the business community, and the ongoing developments in the Suez Canal area. H.E. Minister Al-Mashat highlighted significant prospects for partnership between the New Development Bank and the business community and national entities in Egypt as part of its aim to enhance joint work between southern countries and stimulate development efforts in developing countries and emerging economies.
H.E. Minister of International Cooperation also referred to several other partnerships being implemented with development partners in the economic zone of the Suez Canal, including a digitization program for investor services in cooperation with the European Bank for Reconstruction and Development (EBRD). This program aims at digitizing investor services, in addition to a Chinese grant to establish the vocational training center in the area, which aims to establish a center covering an area of about 40,000 square meters, equipped with the latest technology for various industries, especially energy, renewable energy, automobiles, robotics, electronics, flexible industries, communication technology, as well as language education. It includes residential complexes for trainees and another for trainers and administrators, sports and recreational facilities aimed at training and qualifying labor and enhancing their skills for the job market.
During the visit, Mr. Waleid Gamaleldein, Chairman of the Suez Canal Economic Zone highlighted the capabilities of the Suez Canal Economic Zone, which includes four industrial zones and six maritime ports on the Mediterranean and Red Sea. Mr. Waleid also reviewed the vision of the Egyptian state in maximizing the utilization of the region's potential by equipping it with world-class infrastructure, in addition to the strategy of integration between ports, industrial, and logistical zones, which provided a model to support supply chains, trade movement, and industry. This readiness contributed to making the Suez Canal Economic Zone a center for fuel industries, besides its strategic location and readiness of maritime ports that enabled it to provide services for ships with fossil and green fuels. Mr. Waleid addressed the targeted industrial sectors, such as food, pharmaceuticals, and automotive industries, and explained the diversity of incentives within the economic zone through direct and indirect financial incentives and exemptions for exported goods.
Mr. Waleid Gamaleldein also pointed out that the Suez Canal Economic Zone already has existing partnerships with BRICS countries, notably partnerships with Chinese and Indian investments, which represented 45% of the total contracts of the Suez Canal Economic Zone in the recent period. He also mentioned the "TEDA-Egypt" industrial zone, which represents Egyptian-Chinese economic cooperation and which has reached the presence of 160 companies with a total investment of 2 billion US dollars, in addition to cooperation with China in port operation through the alliance of global shipping lines, such as Hutchison, COSCO, and CMA. He emphasized the existence of cooperation opportunities with several group countries in sectors of mutual interest, especially in industrial activities and green fuel, confirming that the future holds further opportunities for cooperation between the economic zone and business communities in group countries based on past successes.
During the visit, the delegation also inspected the development works at the Ain Sokhna Port and visited the Chinese industrial developer "TEDA-Egypt," which represents a partnership of over 15 years with the Suez Canal Economic Zone. They also visited the industrial developer, "Orascom for Industrial Zones," which has completed the development of 10 million square meters, and work is underway to attract investments in the company's expansions, which amount to 3.3 million square meters in the industrial zone in Ain Sokhna.