by Ahmed Fouda
Now is high time to get right to the point, we need to get down to action, this if we seek to serve the purpose of the people of Egypt, and its interests. Now, we have a large pool of projects, and investors bidding to take part in our future proposed projects, we are at this critical stage of having to select, approve, act, and honour our commitments.
Recently, it was decreed to establish the economic zone general authority, in order to serve as the focal point for the new projects. The new authority is essential for investors in Egypt, and abroad, in order for them to have a source to resort to in case they seek help, guidance or advice in selecting these projects they wish to be part of. Numerous multi-national companies can now join in giant investment projects in the Suez Canal new zone, and badly needed some authority to resort to. So, one can say that this was a smart move on our behalf, a step that we’ve been waiting for.
The new international Port Said port extension, and the establishment of a new industrial zone is one of the proposed and most sought after projects. This especially that a new city will be established over an area of 40 million m2.
We also have numerous proposals for the establishment of joint venture companies; which shares are to be open to Egyptians abroad. Furthermore, new multiple projects will be open for companies dealing with ship ammunition supply and logistics, this is a new field that we need to excel in, one that will open the door for an immense number of employment opportunities. We also look forward to the new industrial city for manufacturing medicine and vaccines, food industries, as well as assembling cars, again another major opportunity for us to open our doors to industries that are lucrative for our economy.
Another field that we will be joining is that of ports, Egypt is to witness the establishment of 6 new ports, and definitely there is no need to mention how this will affect the Suez area and its development opportunities, especially with the new project that aims to link Delta with Sinai, and that there are plans to dig 6 tunnels below the Suez Canal.
As for Egypt – Russia investments, there is the Russian industrial zone that is to be established in Ataqa city, or north Fayoum. The establishment of the Russian Company Rosneft; which is one of the major petroleum companies, and a giant project for Gas Com, for natural gas; which will import from Egypt natural gas. Most importantly, there is a proposal agreement in the nuclear field to establish El Dabaa nuclear energy facility.
If we move to Chinese proposed investments in Egypt, we find, Gotchi Chinese Company that plans to pump $300 million in an industrial compound to manufacture artificial fibres north west the Suez (volume of its production in the Middle East is 200,000 tons annually) as well as other projects to manufacture glass fibres, and others. This noting that in Egypt we have around 1,200 Chinese companies with investments totaling $500 million. Egypt will also witness companies that are to work on pumping and storing water with investments totaling $2 billion and 100 million. Further, the coal field will witness establishment of coal production stations with investments ranging between $4-5 billion.
Moving to French proposed projects in Egypt, we find that we have bids for new projects for establishment of a new giant port in Marsa Matrouh. A port that seeks to link Africa with Europe, especially that the volume of trade between Egypt and France totaled 3.1 billion Euros, and in Egypt we have more than 132 French companies.
Reference to the above mentioned I dare say that I am optimistic about the future of investments in Egypt, however, the main issue or target that should guide us at this point is careful examination of bidding projects, providing investors with easy access to permits that facilitate their establishment of the needed projects as well as access to government officials if need be.
We do need to stay in direct contact with investors, bureaucracy at this stage is our main enemy, we need to move and move fast, this is the time to take wide steps towards achieving our goal; and this is making sure we don’t lose any of those bidding investors, provide them with alternatives, as well as a proper orientation to business opportunities in Egypt.
