Suez Canal Economic Zone 2021 highlights “Headway to Empowerment” SCZONE 2021 investments exceeded $10 billion

January 17, 2022
Posted by: Ahmed Safwat
Category: 2022, EN

Suez Canal Economic Zone 2021 highlights “Headway to Empowerment” SCZone 2021 investments exceeded $10 billion

“The Investment Incentives” is the keyword of the year 2021

The Suez Canal Economic Zone issued its annual report about the achievements during the past year 2021. The past year was the year of developing the strategic plan and prioritizing the localization of the targeted industries. A year after 2020 “The Pandemic Year”, SCZone changed the work plan to cape up with the repercussions of the Coronavirus and to overcome the challenges that surrounded the whole world.
The report revealed the most important and prominent decisions were taken by the Egyptian government to encourage investments in SCZone. The new decisions improved the business climate and the settlement of some specific industries adopted by the country. The country’s decisions led to many actual investments in the zones of Sokhna and Port Said. The consistency between Egypt’s vision and SCZone’s helps the settlement of the targeted industries and maximizing the benefits from SCZone capabilities which contain 6 seaports on the Red and Mediterranean Seas and 4 industrial zones.

With the help of major global consulting offices, SCZone concentrated on the “Creating Opportunity” strategy. This strategy enabled Suez Canal Economic Zone to prioritize the targeted industries according to the needs and requirements of the global markets. In 2021, SCZone utilized the available opportunities in the regional market especially after winning the membership of the Executive Committee of the African Economic Zones Organization. SCZone moved strongly towards the African market and its needs. One of the most notable steps was in rolling stock industry which attracted international companies to work in East Port Said industrial zone . The completion of the project’s construction is approaching in the first half of 2022.

The report included the most important and prominent contracts of SCZone’s fruitful year. In 2021 SCZone concentrated on localizing the petrochemical industries in Sokhna zone, with investments amounting to 10 billion dollars. The projects of the year included working under the umbrella of the national strategy for the manufacture of cars as well as the ongoing negotiations to establish the green hydrogen industry projects in conjunction with Egypt’s hosting the COP27 Climate Summit in November 2022.

According to SCZone’s vision, the Enabling phase in (2020 -2025 strategy) depended on integrated industrial clusters and the development of an effective system to provide marine services and bunkering. The report included promising plans for establishing logistics centers and new foreign industrial zones outside its country’s borders for the first time.

In 2021, SCZone signed a contract to develop Sokhna port with an estimated investment of about 20 billion pounds. According to the political leadership directives and the Egyptian country’s plan to develop seaports as SCZone targeted to transform Sokhna port into a global investment platform on the Red Sea.

The report issued by SCZone also included the incentives which were launched during 2021 to encourage investments, as followed :