Investments worth $40bn on the sidelines WYF

Reem Moussa
4 Min Read

Minister of Investment and International Cooperation, Sahar Nasr, met with Finland’s Foreign Minister Timo Soini in the presence of the Finnish ambassador in Cairo, Laura Kansikas, on the sidelines of the participation of  Nasr in the World Youth Forum (WYF), under the auspices of President Abdel Fattah Al-Sisi in Sharm El-Shaikh.

Nasr welcomed Soini who stressed his keenness to visit Egypt, especially Sharm El-Sheikh, as the head of a high-level delegation to enhance relations between the two countries in various fields.

The minister praised the size of the cooperation with Finland, such as its participation in the establishment of the largest fish production farm in East Port Said near SCZone, which is about 23,000 acres is expanding, deepening, and clearing the navigation of Port Fouad.

The two sides discussed increasing the economic and investment cooperation between the two countries. Nasr affirmed that Egypt has taken several steps to improve the investment environment within the framework of the Egyptian economic program, where President Al-Sisi ratified the investment law.

Nasr added that Egypt provides the appropriate environment for the private sector to pump investments in Egypt, pointing out that the past period has seen investments in the renewable energy sector, which is one of the sectors of interest to the Finnish side.

The Minister of Foreign Affairs of Finland stressed his country’s keenness to increase cooperation with Egypt in both economic and investment fields and to inject new investments in Egypt in light of the improvement of the investment environment, especially in the field of renewable energy, such as the manufacture of electrical tasks (wind power and solar water heaters) using advanced Finnish technologies.

The Foreign Minister of Finland praised the WYF and called on youth from around the world to discuss and discuss various international and regional issues.

Moreover, the Egyptian Prime Minister Sherif Ismail, signed a contract with investors to develop the northern and southern regions of the SCZone between Egyptian and foreign developers.

These contracts are the result of the permanent cooperation between the SCZone and the Ministry of Investment and International Cooperation.

“The Suez Canal Development Project serves the Egyptian national economy as well as the global economy, and contributes to the provision of one million jobs for the promising youth of Egypt, which is the hope and future of Egypt,” said Mohab Mamish, chairman of the Suez Canal Authority (SCA).

He pointed out that there are actual contracts between the economic zone and the major international and local companies and investors, which are signed, which total investment to $40bn.

The team explained that all the workers in the SCZone work day and night to serve and accomplish the project times unprecedented, according to the directives of the political leadership in the completion of projects in the period set for them, some of which will be delivered in June 2018 next.

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