Latest news with #GeneralAuthorityfor
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
U.S.-Egypt Policy Leaders Forum Kicks Off in Cairo with Strong Emphasis on Investment, Private Sector Empowerment
Ahmed Emam The U.S.-Egypt Policy Leaders Forum kicked off in Cairo, bringing together top government officials and senior executives to advance economic cooperation and investment opportunities between the two nations. The two-day forum, hosted at the Four Seasons Nile Plaza, features the participation of Egyptian Prime Minister Dr. Mostafa Madbouly, nine cabinet ministers — including the full economic team — and the head of the General Authority for the Suez Canal Economic Zone. Leading the discussions was Minister of Investment and Foreign Trade Eng. Hassan El-Khatib, who delivered a keynote address outlining Egypt's bold reform agenda aimed at enhancing the country's investment climate and empowering the private sector as a driver of sustainable growth. 'The business environment in Egypt is becoming increasingly stable and attractive for American investors,' El-Khatib stated. 'Our government is committed to building a predictable, transparent ecosystem that encourages long-term investments.' He detailed a suite of recent economic reforms, including the adoption of a flexible exchange rate, regulatory streamlining, and the launch of a pilot digital platform offering over 380 licensing services to facilitate business operations. El-Khatib also announced that Egypt will soon unveil a new trade policy by the end of June, designed to reduce foreign trade transaction costs and time by up to 75%, positioning Egypt more competitively on the global stage. The minister highlighted measures to modernize Egypt's tax system, reduce non-tax burdens on companies, and consolidate fee-collecting agencies to reduce bureaucracy and improve transparency. Furthermore, he noted that Egypt has recently approved the recognition of U.S.-certified Halal certificates and slashed related fees by up to 50% to streamline market access for American goods. Reaffirming Egypt's commitment to free trade and private sector engagement, El-Khatib said the government is transferring state-owned assets to the Sovereign Fund of Egypt to maximize their value and create new public-private partnerships, in line with the structural reform agenda. 'Egypt is a uniquely positioned investment hub with modern infrastructure, a skilled labor force, and a diversified economy,' El-Khatib said, citing over \$550 billion invested in infrastructure over the past decade. He pointed to promising sectors such as renewable energy, healthcare, tourism, and information technology as priority areas for collaboration. The forum hosts a high-level U.S. delegation comprising 79 executives representing 51 major American companies, alongside representatives from the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the World Bank. The event reflects the strategic depth of U.S.-Egypt relations and underscores the shared commitment to strengthening direct dialogue between policymakers and investors. As Egypt advances its reform program, the forum serves as a platform to explore new avenues for trade, investment, and economic partnership. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
17-03-2025
- Business
- See - Sada Elbalad
SCZone Signs Agreement with Chinese Textile Company worth $10 Million
Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) witnessed the signing of a usufruct agreement with the Chinese company Jiangsu Guotai to establish a ready-made garment factory in the Qantara West Industrial Zone. The factory spans an area of 21,000 square meters, with investments of $10 million (500 million Egyptian pounds), and will provide 2,000 direct job opportunities. All of its production will be exported to foreign markets. Gamal El-Din emphasized that the economic zone continues to attract global investment, with 15 usufruct agreements signed with investments of $490 million, covering more than one million square meters, providing more than 20,000 job opportunities, and 80% of the production exported to Europe and the Americas via the West Port Said Port. He also indicated that the first two projects in Qantara West are expected to open in the second half of 2025, as part of the Authority's strategy to localize industry and boost exports. The company is part of the Chinese company, which was founded in 1988 and ranked 329th on the Fortune China 500 list for 2023. It operates in the textile and garment sector, with annual revenues of $9.2 billion, and has branches in Asia, Europe, and the Americas.
See - Sada Elbalad
09-03-2025
- Business
- See - Sada Elbalad
SCZone Attracts 15 New Projects worth $490 Million in Qantara West
Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, announced that the Authority's promotional efforts have succeeded in attracting 15 projects so far to the Qantara West area, with investments amounting to $490 million. The chairman added, during his participation in laying the foundation stone for the Chinese "DI Seta" project for accessories and ready-made clothes in Qantara West, that these projects are built on a total area of approximately 1.031 million square meters, and these projects together contribute to providing more than 20,000 direct job opportunities. He said: "The Suez Canal Economic Zone is moving steadily towards attracting investment in the targeted industrial sectors," stressing its keenness to diversify these investments to include all the industrial zones affiliated with the Authority. Gamal El-Din pointed out that "the SCZone has 4 industrial zones in Sokhna, East Port Said, Qantara West, and East Ismailia, each of which specializes in a number of industrial sectors targeted for localization in each region. These industries and activities differ according to the geographical location and the availability of specific raw materials that serve this industry." He explained that "the Chinese DI Seta project, with investments amounting to $40 million, is located on a total area of 83 thousand sqm, and provides 1,200 direct job opportunities. The project is scheduled to start operating during September of this year." He stressed that the new project represents a new chapter in the successful partnership between the Authority and Chinese investments in this promising region, and reflects the success of the Authority's efforts made throughout the past 30 months, whether in promotional tours, which aim to attract various investments within the Authority. He added that the Suez Canal Economic Zone aims to transform the Qantara West Industrial Zone into a center for textile and clothing industries, in addition to other targeted sectors; in order to meet the needs of the local market and provide products of global quality, as well as to enhance Egyptian exports to global markets within the framework of the Egyptian state's plan.
