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CABC Annual Business Forum “Connecting Business, Building the Future” kicked off on Wednesday, to discuss business operations in the MENA region, Expo 2020 Dubai & Canada’s provincial engagement with the Arab World.
Eng. Yehia Zaki, Chairman of the Suez Canal Economic Zone, has highlighted the rewarding opportunities that the Suez Canal Zone provides to Canadian and international investors.
He reviewed the most prominent investment opportunities provided by the authority to Canadian investors in the Suez Canal region, in light of its global attractions in terms of infrastructure and investment incentives in many areas such as logistics, textiles, petrochemicals, electric batteries, the automobile industry, pharmaceuticals, agricultural business, solar cells and building materials.
“The economic zone is a promising investment destination in Egypt with a total area of 461, square kilometres 461 million square meters, including four industrial zones, and six seaports, they are distributed around the main international maritime Suez canal itself almost 12% of international trade passes through the Suez Canal and annually over 18,000 ships pass through the canal, representing 10% of the seaborne trade,” Eng. Yehia Zaki said in his presentation.
The idea of the economic zone is to establish around the canal itself, ports, and areas that can capitalize into developing, especially economic zone. The vision for the economic zone is to become a leading world class economic hub, and a preferred destination for investment, the authority and the economic zone is established in 2015.
“We currently have 14 Industrial developers working earlier and three main port operators are already operating our approach. We have already 250 operational establishments, 200 of them are operating factories and investments. The other 50 are like service providers banks and other services. There are about $18 billion of total investment and costs, put into the area, whether its readiness, its development of infrastructure and investments done by the 14 industrial developers.”
He said that they have now a very strong, world-class infrastructure within the areas that is ready for providing all the services required to investments to industrial establishments.
CABC Annual Business Forum is being held over two days, and the first day witnesswd a review of the most prominent ways of cooperation between Canada and the Arab world in business, and ways for the Canadian provinces to engage with the Arab world. The second day will also witness a discussion of cooperation in the fields of agriculture, agricultural technology, the uses of artificial intelligence in the health sector, aviation and space technology, energy and clean energy.