President El-Sisi Meets with Heads and Representatives of Major International Companies
Yesterday, President Abdel Fattah El-Sisi received heads and representatives of a number of major international companies (Chinese, French and Swiss) involved in the management and operation of international shipping lines and container terminals. Among the attendees were Minister of Transport Lieutenant General Kamel El-Wazir, Commander of the Strategic Command and Military Industrialization Supervisor, Vice Admiral Ahmed Khalid, and Commander of the Navy Vice Admiral Ashraf Atwa.
The Spokesman for the Presidency, Counselor Ahmed Fahmy, stated that the meeting came after the government’s agreement with Hutchison Ports, COSCO, MSC and CMA Terminals to establish, manage, operate, maintain, and re-deliver two container terminals at Ain El-Sokhna and Dakahlia ports, with investments estimated at approximately $1.6 billion. The two stations will add capacity to the Egyptian ports, reaching up to 5 million equivalent containers annuall, a 50% increase in the capacity of Egyptian ports’ container handling.
During the meeting, the attendees expressed their optimism regarding the future of investment in Egypt, in light of the improvement in the management system of the business climate. Such system aims to make best use of the infrastructure that is being modernized in an integrated manner, whether in seaports or the sophisticated road network that connects them, particularly the electric express train. This network would contribute to the connectivity between production and consumption areas, logistic centers and dry ports, in addition to the growth of facilities and services, all of which would qualify Egypt to absorb more investments in all areas.
President El-Sisi confirmed Egypt’s keenness to promote cooperation with these international companies due to their high international profile in their fields and distinguished technical and administrative expertise. These cooperation efforts with these companies come as part of the State’s efforts to establish the Sokhna and Dakahlia integrated logistics corridor for containers. It is the largest integrated logistics corridors for global trade between the east and the west, linking the Red Sea and Mediterranean Sea. It, in turn, would help increase Egypt’s share in the global transit market, would contribute to the opening of new markets for Egyptian exports through the operation of direct navigational services, as well as would provide new job opportunities for Egyptians.
