Sisi orders focusing on investment opportunities, localising technology in Egypt’s SCZone

Ahram Online , Monday 21 Dec 2020

Sisi's directives were made during a meeting with economic cluster ministers held on Monday

Egypt's president Abdel-Fattah El-Sisi held a meeting on Monday with economic cluster ministers to follow up on the strategic objectives of the SCZone (Photo courtesy of the Egyptian presidency)

Egyptian President Abdel-Fattah El-Sisi has ordered focusing the strategy of the Suez Canal Economic Zone (SCZone) on doubling investment opportunities and localising technology in line with Egypt's plan to develop ports and navigational services nationwide.

El-Sisi's directives were made during a meeting held earlier today with economic cluster ministers to follow up on the strategic objectives of the SCZone and to discuss the financial and economic performance of the state in improving the investment climate. 

The meeting included Prime Minister Mostafa Madbouly, Planning and Economic Development Minister Hala El-Said, Finance Minister Mohamed Maait, International Cooperation Minister Rania Al-Mashat, Public Business Sector Minister Hisham Tawfik and Trade and Industry Minister Niven Gamea, in addition to Governor of the Egyptian central bank Tarek Amer and Presidential Advisor for Financial Affairs Mohamed Ameen.

The country has been pushing forward with efforts to attract investors to the SCZone in recent years, highlighting the available opportunities for foreign corporations.

The meeting tackled the economic performance indices and the balance of payments in 2020, in addition to the measures taken by the government to improve the investment climate and attract foreign direct investment to Egypt, according to a presidential statement.

Egypt ranked first in Africa and second in the Arab world in attracting foreign investments in 2020, according to the statement.

Egypt's annual growth rate rose by nearly 15.5 percent during the first four months of the 2020/2021 fiscal year, attaining up to EGP 287 billion (approximately $18.23 billion), despite the consequences of the coronavirus pandemic, according to the government.

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