Egypt woos investors with huge projects in Suez Canal region

Egypt is offering investors massive projects worth billions of U.S. dollars for the development of the Suez Canal region, Mohab Memish, head of the Suez Canal Authority, said Saturday.

"We are starting with 18 projects but the total number is much bigger," Memish told Xinhua on the sidelines of a three-day investment conference which kicked off in the Red Sea resort of Sharm El-Shiekh on Friday.

Egypt is working on expanding the Suez Canal and later on developing the Suez Canal Corridor which is expected to include huge projects like the establishment of an industrial city with hundreds of factories.

The national project is a major part of the new Egyptian leadership's struggle to revive the country's ailing economy that suffered from a four-year political turmoil.

"Over 1,000 factories can be established in the development of the Suez Canal Corridor, but the most important thing is to provide the necessary infrastructure for these factories," Memish added, expecting the total revenues after the Suez Canal expansion and the relevant development projects to reach 100 billion U.S. dollars per year.

The investment projects related to the Suez Canal represent a major part of the numerous giant investment opportunities that Egypt provides for local and international investors during the conference as part of the country's plan to boost economy.

"We are studying the effect of the New Suez Canal on the maritime traffic in the region and its ability to receive giant ships, and the shipping services that will be provided after the new six ports are established," Memish said.

Egypt and China have recently elevated their strategic relations to a higher level of "comprehensive partnership," and China is among the top foreign investors Egypt expects over the coming few years.

On Saturday, also in Sharm El-Sheikh resort, Egyptian President Abdel-Fattah al-Sisi met with Chinese Commerce Minister Gao Hucheng who has announced that his country plans huge investment projects in Egypt in various fields.

"Egypt is part of the Chinese Silk Road revival initiative and we are preparing ourselves by developing our ports and establishing new industrial cities based on additional values and complementary industries," the Suez Canal Authority chief said.

Memish described the Egyptian-Chinese relations as "historical" and said that China is currently playing a big role in the development of Egypt, noting that there are great investment opportunities awaiting the Chinese side, especially in the field of seaports. Endit