SCZone delegation in Austria to discuss investment opportunities

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Wed, 25 Apr 2018 - 11:37 GMT

Tractors work on Egypt's New Suez Canal project at the Suez Canal zone, Egypt, June 13, 2015 - REUTERS/Asmaa Waguih

Tractors work on Egypt's New Suez Canal project at the Suez Canal zone, Egypt, June 13, 2015 - REUTERS/Asmaa Waguih

CAIRO – 25 April 2018: A delegation from the Suez Canal Economic Zone headed to the Austrian capital Vienna on Wednesday to discuss possible Austrian investment in the zone and boost economic ties between Egypt and Austria

The visit will include a presentation of the investment opportunities available in the zone as well as the privileges that the zone enjoys.

Trade volume between Egypt and Austria stood at €146.1 million from January to July 2010, with Egyptian exports to the European country reaching €40.2 in that period.

Bilateral economic and trade relations between Egypt and Austria are regulated by a number of agreements covering all fields, topped by the Agreement on Egyptian-
European Partnership and the Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion.

According to the Agreement on Economic, Industrial, Technical and Technological Cooperation signed in Cairo in 1996, a Joint Committee on Technical and Economic Cooperation was established.

The Suez Canal Economic Zone (SCZone) is one of Egypt’s mega projects, in which the government has been encouraging foreign and domestic investments.

Prime Minister Sherif Ismail stressed on the important role of the SCZone in boosting the national economy, as well as creating job opportunities for the young people.

The zone is set to include an international logistics hub and areas for light, medium and heavy industry, as well as commercial and residential developments.

Stretching over 461 square kilometers, the zone extends through the three Suez
Canal governorates of Suez, Port Said and Ismailia, and will include six maritime ports, to be completed by 2045.

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