FILE- Suez Canal Economic Zone
CAIRO - 31 May 2018: Assistant Minister of Supply for Investment and Head of the Internal Trade Development Authority, Ibrahim Ashmawy signed on Thursday a protocol of cooperation with Suez Governor Ahmed Mohamed Hamed on establishing logistic zones in accordance with the governorate’s needs.
The move aims to control the internal trade system, bring down prices and provide more job opportunities upon directives from President Abdel Fatah El Sisi to lower prices to alleviate the burden on the low-income citizen.
Following the inking ceremony, Ashmawy said that a logistic zone will be established on an area of 30 feddans with investment costs of LE 2 billion. It will offer from 10,000 to 15,000 direct jobs and 40,000 to 60,000 indirect ones.
The Internal Trade Development Authority will be responsible for promoting the project and communicating with the best companies specialized in management of assets, Ashmawy added.
The Internal Trade Development Authority seeks agreement between investors’ demands and the governorate’s needs, he said, adding that the authority spares no effort to create investment opportunities and prepare suitable land plots in coordination with the governors so that allocated lands would be ready for the establishment of major projects.