Egypt: Sisi Directs Govt to Localize Technology in Suez Canal Zone

President Abdel Fattah El Sisi directed the government on Monday to get the Suez Canal Economic Zone's strategy to focus on increasing the investment opportunities, aiming to localize technology and offer jobs in coordination among all bodies concerned.

President Sisi's instructions came during his meeting with the ministerial economic group in the presence of Prime Minister Mostafa Madbouli, Planning Minister Hala el Saeed, International Cooperation Minister Rania Al-Mashat, Public Business Sector Minister Hisham Tawfik, Trade and Industry Minister Nevin Gamea, and Governor of the Central Bank Tarek Amer.

According to Presidential Spokesman Bassam Rady, the meeting probed the progress realized in attaining the SCZone's strategic goals as well as the State's economic and financial performance, and efforts exerted to improve the investment climate.

The meeting reviewed the indicators of economic performance and the situation of the balance of payments in 2020, Rady noted, saying Egypt was one of the few countries which achieved real economic growth this year in light of the coronavirus repercussions to be the highest among emerging markets.

The government's procedures to improve the investment climate and luring foreign direct investments were also reviewed during the meeting.

The meeting touched on financing packages of the State's different sectors and private sector in 2020 in cooperation with the global partners, which amounted to $10 billion.

Chairman of General Authority of SCZone Yehia Zaki and President Adviser for Financial Affairs Mohamed Amin attended the meeting.


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