Darwish: Plan underway to turn Suez Canal into investment

Chairman of the General Authority For the Suez Canal Economic Zone Ahmed Darwish said Wednesday that a plan is underway to turn the Suez Canal into an investment-friendly area by 2030.

Speaking in a conference of Egyptian scientists and experts abroad, Darwish said Egypt is signatory to a number of trade agreements with Arab and African countries that could very well pave the way for Egyptian products to tap markets of those countries. 

Themed "Egypt Can", the conference opened earlier Wednesday in the Red Sea city of Hurghada. 

Darwish told participants the Suez Canal Economic Zone (SCZone) acts independently, which gives it more room to flexibly and quickly make decisions. 

The Egyptian government exerts utmost efforts to coordinate action among the different parties and to support investment, he noted. 

Talking about the current phase of the project to develop the Suez Canal zone, Darwish said it includes the establishment of secondary zones over an area of 461 square kilometers and six ports - this is two thirds of Singapore's area and 10 times the area of Jebel Ali.

Serious talks are currently being held to implement a city of pharmaceutical industries, which is expected to lure Spanish, British and American investments, Darwish said, adding that it should be built over an area of four million square meters. 

Indeed, challenges are there, but those entail studies and consultations to handle, Darwish acknowledged. The lax soil in this area constitutes one such challenge, he cited, noting that it needs to be treated because 44 million square meters of the area will be allocated for the logistics zone and 24 million square meters will go to the industrial zone.

Smart infrastructure is needed to implement the East Port Said project to be suitable for investment and industry in 2030, Darwish told the participants. 

He urged Egyptian scientists to please act to meet their country's future needs. 

Prime Minister Sherif Ismail inaugurated the "Egypt Can" conference earlier today. The conference, the first of its kind, will last for two days under the auspices of President Abdel Fattah El Sisi.

The conference is organized by the Ministry of Immigration and Al Nahar TV channel. 

The conference is meant to benefit from migrant Egyptian brainpowers in setting the scientific basis for national projects and outlining accurate research studies. 

The conference is attended by more than 30 Egyptian scientists abroad and should present research studies to be applied to mega projects across the country in a way that would support the 2030 comprehensive vision.