Suez Canal expects more from Chinese investment

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The Suez Canal Economic Zone (SCZone), a world-class free zone and trade hub along the banks of the newly expanded canal, is now regarded as a great connection to China's Belt and Road Initiative.

Chinese investors are among the first industrial developers in the zone and more interest and assistance is expected from them, Mahfouz Marzok, vice chairman of the General Authority for the Suez Canal Economic Zone, told CGTN.

Marzok is quite confident about the future. “Our area has competition of another 50 economic zones. We'll be the best economic zone in 10 years,” he said.

Mahfouz Marzok, vice chairman of the General Authority for the Suez Canal Economic Zone, in an interview with CGTN /CGTN photo

He also believes the location is an advantage that will bring more opportunities. “We consider ourselves one of the most important connections between the Belt and Road," he said, referring to China's global infrastructure project. "We are cooperating with Chinese government and entities to make this area the hub for the Belt and Road Initiative.”

The SCZone offers assistance to investors, with special incentives for those from China.

Chinese investors can own land in the free zone, a privilege that is not available to others, said Marzok.

He also listed several other privileges for Chinese businesses, including low electricity rates and a special department for handling custom procedures.

China's Tianjin TEDA Investment Holding Co. Ltd is one of the earliest investors in the China-Egypt joint economic cooperation zone, which takes one third of Egypt’s SCZone and being expanded in a second phase.

The Suez Canal Authority expects faster construction from Chinese investors, especially TEDA.

“We understand quite well, how they are very serious to introduce technology and help us developing our land," he said. "They are honest and have commitments, helping the employment in Egypt. However we expect from TEDA more than that. I have visited TEDA Tianjin in China. They are much faster than us... All our hands are open to them, (we) are ready to solve any problems for them.”