Egypt : Suez Canal Economic Zone records $1.85 billion in last six months of 2023

The General Authority of the Suez Canal Economic Zone (SCZone) in Egypt, has made « investments received worth US$1.85 billion in the last six months of 2023 », compared with $2.5 billion in foreign investment between July 2022 and May 2023.
Over the last six months of 2023, 89 investment projects have received initial or final approval from the SCZone since July 1, 2023, according to SCZone General Authority Chairman Waleid Gamal el-Dein.

In detail, « 47 projects have received final approval for total investments of $941 million and another 42 have received initial approval for total investments of $908 million », says an SCZone press release.

Carpet manufacturing, textile printing, the production of household appliances, the creation of a private customs warehouse, ready-to-wear clothing and the production of accessories are the main sectors targeted by these investments, with a big demand from Chinese companies, stress the Egyptian authorities.

Launched in August 2015, the SCZone covers an area of 461 square kilometers along the banks of the famous Suez Canal and offers hospitality to six ports and four Development Zones.