Banks & Companies

Egypt, Poland ink Suez Canal industrial zone MoU

9th February 2017

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A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt, July 25, 2015. The first cargo ships passed through Egypt's New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old SuezCanal. Mohab Mameesh, chairman of the Suez Canal Authority overseer of the project, told state television that this test-run had been a success and that more would follow. REUTERS/Stringer TPX IMAGES OF THE DAY - RTX1LSMB

The chairman of the Suez Canal Economic Zone signed a memorandum of understanding (MoU) with the Polish Pomeranian Special Economic Zone, to establish a new economic zone in Egypt.

Ahmed Darwish said in a statement on Wednesday that the agreement involves creating a Polish industrial complex in the Suez Canal economic zone.

The MoU was signed on the sidelines of Darwish’s visit to Poland, the statement indicated.

Darwish added that he visited the port of Gdansk headquarters, which is considered the largest port on the Baltic Sea, and the technological area affiliated to the Polish economic zone.

The Suez Canal Economic Zone received a Polish delegation in July to review the work developments and possible opportunities.

Egypt is targeting to attract foreign investments of $10 billion during the current fiscal year.