Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone.
28/01/2023
In January 2023, 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.
Prime Minister Modi and the President of Egypt agreed to encourage businesses to explore mutually emerging economic and investment opportunities.
The trade between India and Egypt currently exceeds $3.15 billion.
About the 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 & 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% of the world’s total trade passes through this canal daily.
