Suez Canal Economic Zone (SCZone) signed on Sunday an initial contract with Mercedes-Benz to establish a logistics park at the canal’s Ain Sokhna industrial zone, a statement by the SCZone said.
Yehia Zaki, Chairman of SCZone, and Raool Rohan, Chief Executive Officer of Mercedes-Benz Egypt, signed the agreement in the presence of Chairman of the Board of Directors Peter Ernst Ross, Vice President of SCZone General Mohamed Shaaban, and CEO Walid Gamal El-Din.
“This is an important step for us to have a logistics park by Mercedes which facilitates and supports the auto industry in the Economic Zone,” Zaki said.
The logistics centre of Mercedes will feature a storage yard for cars, a centre for auto spare parts and a maintenance workshop, the SCZone chairman said.
Such projects and contracts with the international companies would enhance the investment in the zone, Zaki noted.
Egypt has been pushing forward with efforts to attract investors to the SCZone in recent years, highlighting the available opportunities for foreign corporations.
The country ranked first in Africa and second in the Arab world in attracting foreign investments in 2020, according to a previous statement by the Egyptian presidency.
Under presidential directives, the strategy of the SCZone has focused on doubling investment opportunities and localizing technology in line with Egypt's plan to develop ports and navigational services nationwide.