A ship transiting through the Suez Canal - Photo courtesy of SCA
CAIRO - 27 July 2022: The Suez Canal Economic Zone (SCZone) announced attracting Indian investments in the green hydrogen sector in the region soon, according to Head of the SCzone Yahya Zaki.
Zaki said that the economic zone aims to enhance cooperation with some companies that are members of the Federation of Indian Chambers and to study investment opportunities in the textiles, chemicals, programming, information technology and operating systems sectors, as well as the industries of auto engine parts, devices and medical supplies.
This came during a meeting held by the Head of the SCzone, with the Deputy Chief of Mission of Embassy of India in Cairo; Asheesh Gupta, the commercial attaché of the embassy, Shri Nahas Ali, and a number of members of the Federation of Indian Chambers of Commerce and Industry, on the sidelines of the activities of the Egyptian-Indian Business Council currently being held in Cairo.
The meeting discussed ways of cooperation, investment opportunities and attracting Indian companies to work within the economic zone.
This meeting comes within the framework of the plan and vision of the Suez Canal Economic Zone to open up to global markets, especially the Asian ones that have trade relations with the Egyptian market, and to attract Indian investments specifically in the areas of programming, operating systems, textiles, chemicals and other sectors targeted by the Economic Authority within its vision 2020-2025. .
During the meeting, Yahya Zaki said that the economic zone is the strategic window for regional markets due to its advantages, investment incentives and trade agreements that facilitate easy access and access to foreign markets.
He also pointed out that the authority has 6 affiliated sea ports overlooking the Red and Mediterranean Seas, passing through the Suez Canal, and its integration with industrial zones that would facilitate import and export operations.
During the meeting, the head of the Suez Canal Economic Zone touched on the efforts made by the authority with all concerned government agencies in the file of transition to a green economy, especially in green hydrogen and green ammonia projects, and the settlement of these industries in conjunction with Egypt's hosting of the Climate Change Summit next November.
He pointed to memoranda of understanding signed with international companies and consortiums to establish green fuel industry projects; For the purposes of exporting abroad and for bunkering services with clean fuels.
For their part, representatives of Indian companies, members of the Federation of Indian Chambers of Commerce and Industry, expressed their willingness to pump various investments into the Suez Canal Economic Zone to take advantage of the investment incentives that are unique to the region as well as the access it gives investors to African markets, especially with the availability of promising opportunities for economic and trade cooperation between Egypt And India, which helps in the further transformation towards a new era of the Egyptian-Indian partnership.
It is worth noting that the Suez Canal 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.