The Suez Canal Economic Zone (SCZONE) and the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) have signed a cooperation protocol to develop and strengthen small and medium-sized enterprises (SMEs) and entrepreneurship projects by providing a suitable investment environment. The two parties aim to achieve the Egyptian state’s strategy to localise industries and reduce the import bill.
Walid Gamal El-Din said that SCZONE pays great attention to SMEs because they support industry and supply chains, create job opportunities for youth, and use Egyptian human resources. He said this is in line with SCZONE’s strategy for 2020-2025. He also mentioned the facilities provided by the economic zone, such as small factories ready for immediate operation (plug & play), vocational training centers, a one-stop shop service, financial and non-financial incentives, and ports and logistics areas that integrate with industrial zones.
Basil Rahmi, the CEO of MSMEDA, said that the protocol with SCZONE helped create a favourable investment climate for project owners in the economic zone. He said it also provides support and facilities for the establishment and success of these projects and localises feeding and complementary industries through complexes for small and medium industries in SCZONE-affiliated zones.
Rahmi added: “We will coordinate with SCZONE to develop a mechanism to select small, serious investors who can benefit from cooperation. The authority will also determine suitable locations for small and medium-sized industry complexes. SCZONE authority will provide non-financial services and financing alternatives for qualified projects, and cooperate in establishing business incubators and accelerators in new industrial complexes.”
