Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone

Tags: International News

Egypt is considering allotting a special zone to Indian industries in the Suez Canal Economic Zone (SCEZ) and the Indian side may prepare a master plan for the same.

An overview of the news

• The proposal is in the context of India's proposal to encourage companies with the potential to make foreign investments to make use of the investment opportunities available in Egypt.

• Egypt welcomes the flow of more Indian investments and promises to provide incentives and facilities in accordance with applicable regulations and framework.

• The trade between India and Egypt currently exceeds $3.15 billion.

• Prime Minister Modi and the President of Egypt agreed to encourage businesses to explore mutually emerging economic and investment opportunities.

• Egyptian President El-Sisi, who arrived in Delhi on a three-day visit to India, attended the Republic Day celebrations as the chief guest.

About Suez Canal

• The Suez Canal is an artificial sea-level waterway running north to south from the Isthmus of Suez in Egypt to connect the Mediterranean Sea and the Red Sea.

• This canal separates the continent of Africa from Asia.

• It provides the shortest sea route between Europe and the lands surrounding the Indian and Western Pacific Oceans.

• The Suez Canal is one of the busiest trade routes in the world. About 12 percent of the world's total trade passes through this canal daily.