Austrian automaker Magna explores investment in SCZone



Thu, 03 May 2018 - 02:02 GMT


Thu, 03 May 2018 - 02:02 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 – 3 May 2018: Head of the Suez Canal Authority (SCA) Mohab Mamish discussed on Thursday with Austrian automobile manufacturer Magna investments in the field of manufacturing cars and its supplies in East Port Said, north of the Suez Canal Economic Zone (SCZone).

The strategic location of East Port Said will help in manufacturing process as well as exports, a statement said on Thursday.

Mamish said that the SCZone is giving due concern to the car manufacturing industry as it is one of the successful global industries.

The company’s vice president said that the SCZone is one of the areas in which Magna seeks to invest owing to its investment incentives, adding that Egypt enjoys a strategic location that would facilitate imports and exports.

He added that his company manufactures spare parts for more than 25 car models and provides them to car companies globally.

He said that the company operates in 28 countries at investments of around $39 billion in North America, Europe and Asia, adding that having the company operating in the Middle East will be a strong addition to the company.

Based in Graz, Austri, Magna is a leading global automotive supplier with 335 manufacturing operations and 96 product development, engineering and sales centers in 28 countries.

A delegation from the SCZone visited the Austrian capital Vienna last month to discuss possible Austrian investment in the zone and boost economic ties between Egypt and Austria

The Suez Canal Economic Zone (SCZone) is one of Egypt’s mega projects, in which the government is 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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