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Port Said attracts EGP 337bn investments in seven years

Port Said attracts EGP 337bn investments in seven years
A total of 13 industrial zones are being built across the country

Cairo – Mubasher: Port Said is Egypt's top governorate in terms of investments allocated by the country over the last seven years with a value of EGP 337 billion, Minister of Local Development Mahmoud Shaarawy revealed. 

The governorate has several development areas, including natural gas fields as well as four industrial zones in east, south, and west Port Said, Shaarawy added in a statement on Thursday. 

During an economic forum held in Port Said, the Chairman of the General Authority for Suez Canal Economic Zone (SCZone), Yahia Zaki, revealed plans to turn east Port Said to an international economic hub and an attractive investment destination by providing direct and indirect incentives, including zero value added tax (VAT) and zero customs duties as well as other incentives related to income tax and digital transformation.

The SCZone includes 4 million metres of land plots that are ready for the construction of industrial projects, Zaki added, noting that the authority aims to operate all piers of east Port Said built over five kilometres by 2025. 

Across the country, 149 industrial zones were established, comprising about 14,900 factories which create 1.2 million jobs, Shaarawy noted. 

Additionally, another 13 industrial zones are being built as the government works on encouraging the establishment of small- and medium-sized enterprises (SMEs), along with improving housing, education, health, transportation, and social security services, the minister added. 

The government has given high priority to creating a conducive environment for investment by building a strong infrastructure, Shaarawy pointed out, adding that the number of investment projects reached 39 with total investments of about EGP 5 billion.