April 26, 2019
Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and the General Authority of the Canal, confirmed that the selection of the Suez Canal and its Economic Zone as one of the most important stages of the Belt and Road Initiative wasn’t for historical and sentimental reasons only, but instead for objective, strategic and economic reasons. He made this remark in his speech at the China-China International Road and International Cooperation Forum.
He pointed out that the political leadership, headed by President Abdul Fattah al-Sisi, sought to maximize the use of this site, with the aim of achieving a Comprehensive Economic Renaissance in Egypt on the one hand and optimise its utilization to serve the economy and the world trade movement on the other hand.
The Admiral pointed out that a package of laws and legislative framework have been adopted to qualify the region to become one of the most important global regions in attracting projects and industries of all kinds. There is also a package of tax and non-tax incentives only available in this Economic Zone of global importance.
Mameesh pointed out that this is consistent with the existence of modern investment laws in Egypt, that make the establishment of projects and development compatible with all the international standards that encourage investors.