Egypt’s Commercial Representation Authority, led by Yahya Al-Watheq Billah, has entered advanced negotiations with 10 companies from India, China, Turkey, and the European Union.
The goal is to secure billions of dollars in investments for the Suez Canal Economic Zone, a key area in the country’s economic development strategy.
A newly signed cooperation protocol between the General Authority for the Suez Canal Economic Zone and the Commercial Representation Authority aims to streamline efforts in attracting foreign direct investment.
The agreement includes establishing a permanent executive committee that meets quarterly to devise sustainable investment promotion plans.
It also outlines hosting joint international events and providing logistical support to visiting investment delegations, while addressing challenges faced by both existing and new projects.
Yahya Al-Watheq Billah highlighted that the Commercial Representation Authority has facilitated over 50 investment projects in the Suez region in recent years.
These include ventures in energy, green hydrogen, ammonia production, textiles, apparel, and mechanical industries.
“We are currently prioritizing attracting investments in four key sectors: pharmaceuticals, automotive, renewable energy, and food industries, while continuing to enhance investments in other areas,” Al-Watheq Billah stated.
He emphasized plans to target major players in China, India, Turkey, and the European Union to explore the region’s investment potential in industrial zones, ports, and logistical services.
Walid Gamal El-Din, head of the Suez Canal Economic Zone, underscored the importance of the collaboration, stating that the coordinated efforts aim to enhance Egypt’s global appeal as an investment destination.
“The region is committed to showcasing its capabilities to the international business community and providing a distinguished investment environment,” he said.
During the 2023–2024 fiscal year, the Suez Canal Economic Zone recorded approvals for 218 projects, with total investments reaching $5.1 billion.
This included 98 finalized projects valued at $2.2 billion and 120 projects with preliminary approvals worth $2.9 billion.
The Suez Canal Economic Zone’s efforts to attract international investments align with Egypt’s broader strategy to strengthen its economy and solidify its position as a regional trade and logistics hub.
