Egypt: President Morsi - Suez Canal Will Remain Owned By Egypt

President Mohammed Morsi said that the Suez Canal has been, and will continue to be, owned by Egypt and its people.

In his speech while attending the inauguration ceremony of training courses and simulation organized by the Suez Canal Authority, Morsi added that he is now considering a project for the automation of the Suez Canal where crossing the waterway could be undertaken electronically via cables.

Morsi said that during his electoral campaign last May, he wished that the Suez Canal area would be developed, promising that he will work during the upcoming period to attain this goal.

"Today coincides with the anniversary of the Prophet Muhammad birthday anniversary and tomorrow the country will celebrate the Police Day, Ismailia national day and the second anniversary of the January 25 Revolution," Morsi said.

Sinai has the potential to be a show case in human development, Morsi said, adding that the peninsula is rich in its resources, including sulfur, coal and precious metals.

Morsi, meanwhile, said that a silicon valley will be set up in the Suez Canal area, adding that this project will provide logistics support to the vessels passing through the Canal. He went on to say that the draft law on the development of Suez Canal region is about to be finalized and will be sent to the Shura Council for review.

The Suez Canal will always belong to the Egyptians, President Morsi said, adding that it could not be managed by non-Egyptians.

"Egypt protects its sisterly countries and does not meddle in their internal affairs," Morsi said. He, meanwhile, said that Egypt holds contacts with the Palestinians and supports their decisions.

Talking about the Nile River, Morsi said that it will witness development, like the development which will be made to the Suez Canal axis and the Mediterranean shores.

President Morsi attended a drill and made a tour of the maritime units at the Canal. The Suez Canal Authority held a banquette in honor of the president and his accompanying delegation.

Morsi inaugurated the athletics hall at the canal and then left Ismailia. The ceremony was attended by Defense Minister Abdul Fatah el-Sisi, Transport Minister Hatem Abdul Latif, Finance Minister el-Morsi Hegazi and Housing Minister Tarek Wafiq.

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