SCZONE provides promising opportunities for German companies
In a roundtable meeting with representatives of the German business community and heads of German industrial giants, El-Sisi highlighted the various investment opportunities offered by mega projects in Egypt, particularly industrial and logistical areas in the SCZONE, according to the company's release.
In July, the SCZONE and German energy storage firm H2 Industries signed a memorandum of understanding (MoU) to build the first waste-to-hydrogen plant in the zone, with total investments amounting to $4 billion. A year earlier, the SCZONE signed an initial contract with Mercedes-Benz to establish a logistics park at the canal’s Ain Sokhna industrial zone.
The volume of trade exchange between the two countries totalled 5.1 billion euros in 2021 with German investments in Egypt amounting to about 2.9 billion euros, according to previous statements by Egyptian Minister of Trade and Industry Nevine Gamea.