October 6, 2022

Egypt inks deal to modernize Suez Canal Economic Zone


The Suez Canal Economic Zone has signed a contract with a multi-national company that deals in infrastructure to develop and operate a customs and logistics center.

The deal will see the modernization and improvement of the infrastructure at one of the busiest shipping lanes in the world.

The deal was signed between the Suez Canal Economic Zone and Agility, a supply chain services, infrastructure and investment leader, to develop and operate a customs and logistics center in the Suez Canal Economic Zone.

Agility has committed a 60 million USD investment to build a 100,000 SQM customs and logistics centre in the industrial zone in Ein Sokhna, as well as another 100,000 SQM customs and logistics centre in East Port Said. The project will be implemented during the second half of 2023.

The deal will see automation of the customs linking departments and relevant government agencies concerned with inspection work.

The project is aimed at turning the zone into a global logistics hub, and improve the flow of goods and commodities and bring efficiency and lower costs to international companies and investors operating there.

“This agreement will enable the Suez Canal Authority to improve visibility over inbound materials and finished goods and enhance efficiency through a single-window customs platform. The result will be increased commercial activity, quicker release of cargo and better overall operations,” Suez Canal Economic Zone Chairman Walid Gamal El-Din said.

On his part, Agility vice chairman Tarek Sultan said Egypt plays a vital role in global and regional trade, adding that the ambitious modernization project, along with the other strategic development efforts undertaken by the government, demonstrate the country’s determination to be an economic leader in the future.

cgtn


Categories : finance & economy

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