Business Hub – Cairo:
Within the framework of the constant endeavor to enhance cooperation between the Suez Canal Economic Zone and the international business community, Walid Gamal El-Din, Vice President of the Economic Zone for Investment and Promotion Affairs, participated in the Egyptian-Indian Business Council, which was held this morning in Cairo, which emphasizes the importance of the Suez Canal Economic Zone as a major player in Egyptian economic development. And how keen the international business community is to get to know the region.
Vice President of the Investment Authority: “We are pleased to participate and cooperate with the Indian side in the targeted sectors”
Walid Gamal El-Din expressed his happiness to participate in the fifth meeting of the Egyptian-Indian Business Council, which confirms the bonds of economic cooperation between the two countries, indicating the extent of the economic zone’s readiness to receive Indian investments in the targeted industrial sectors. Where he began his speech by introducing the economic zone, which includes four industrial zones and 6 pivotal ports in the service of global trade, with its location on the Mediterranean and Red Seas, He also clarified the investment incentives offered by the economic zone to its investors within the strategy of creating an opportunity, which includes zero tax on goods, merchandise and services, and a number of other investment incentives. In his speech, he also touched on introducing the current stage of the strategy 2020-2025, which aims to localize a number of industrial sectors, especially the green hydrogen industry in the Suez Canal Economic Zone. During his presentation, he noted three expected partnerships with India in this regard.
On the other hand, Jayaraman, Vice-President of the Indian side in the Council, expressed his happiness with this meeting, which allows the exchange of knowledge and experiences between the Egyptian and Indian sides. New to the Egyptian-Indian partnership.
Ajit Gupta, the Ambassador of the State of India in Cairo, explained that the economic transformation witnessed by the State of India was reflected in the volume of economic cooperation between Egypt and India, especially in the presence of opportunities for economic cooperation in a number of fields. Especially those sectors that India is famous for, such as the chemical industries, especially cosmetics.
In the same context, The Vice-President of the Economic Authority for Investment Affairs stressed the importance of integration between the industrial zones and the ports of the economic zone, which facilitates access to various global markets and helps achieve the objectives of the economic zone to serve the local and regional markets, as the zone is carrying out development operations that include the port of Sokhna, where the development work is expected to be completed. to include 6 basins by the end of 2023, This is in addition to East Port Said Port, which ranks among the top 8 performing ports in the world.
It is worth noting that the economic zone seeks to cooperate with the Indian side in the field of green hydrogen, in which it has made remarkable progress by signing several memoranda of understanding, some of which are expected to enter into force in conjunction with the COP27 climate summit in Sharm El-Sheikh to be held next November.