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Gamea participates in panel on Suez Canal at Expo 2020 Dubai’s Egypt Pavilion
16 January 2022  -  Sector :  -  Entity :  -  Category : Trade News

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We are keen to maximize the benefits of the Suez Canal’s great economic value to enhance Egypt's position as a global trade and logistic hub, Gamea said.

Dubai- Jan 16, 2022

Minister of Trade and Industry Nevine Gamea has taken part in a panel discussion organized by the Egypt pavilion at Expo 2020 Dubai, entitled "Suez Canal Supporting Global Trade Against Different Challenges".

The event discusses the policies and procedures adopted by the Suez Canal Authority (SCA) to ensure the continuity of the canal’s services as well as the sustainability of international trade, under the current major global changes and challenges. It also sheds light on the various roles played by Egyptian entities to achieve the country’s global trade vision.

The panel speakers included: Osama Rabie, head of the Suez Canal Authority (SCA); Yehia Zaki, head of the Suez Canal Economic Zone; Guy platten, secretary-general of the International Chamber of Shipping; Henriette Hallberg, CEO of Fleet and Strategic Brands at AP Mollar (Maersk); Keiji Tomoda, vice president of JSA and chairman of Canals Sub-Committee (ICS); Yasser Zaghloul, CEO of the National Marine Dredging Company; and Khaled Abubakr, the SCA legal consultant.

Gamea expressed the government’s keenness to maximize the benefits of the Suez Canal’s great economic value, both at the regional and international levels, to enhance Egypt’s position as a global trade and logistic hub, especially in light of its strategic location on the world map as the shortest route between the East and the West, and the link between the Red Sea and the Mediterranean.

The minister noted that the canal also connects production centers in the Far East with distribution and consumption hubs in the Middle East, Europe and the Americas, boosting Egypt’s trade ties with various countries of the world and facilitating access of its exports to all foreign markets.

The event, she added, is of great importance as it coincides with the executive measures taken to enhance joint cooperation between the ministry, the SCA and the Suez Canal Economic Zone in order to crystallize the country’s vision of supporting global trade, especially in the midst of the challenges it is facing; in a way that contributes to the government’s structural reform strategies and economic policies, and supports the implementation of its economic and social reform program launched in 2016.

Gamea explained that the Suez Canal, as one of the key commercial waterways in the world and the fastest transit route between the Atlantic Ocean and the Indian Ocean, allows a speedy, low-cost transportation of goods, which results in reduced final costs of imported products. The canal is of great importance in the field of maritime navigation worldwide, with maritime transport accounting for 90% of the global trade volume, 12% of which passes through the Suez Canal as well as some 22% of container trade.

She pointed out that the political leadership, appreciating the canal’s pivotal role in the national economy, dug the New Suez Canal in 2015, which helped reduce the transit time for shipping lines and had a positive impact on producers and consumers around the world.

The Egyptian government, she further added, has taken exceptional measures to keep local production rolling, facilitate the flow of international trade and avoid disrupting supply chains during the pandemic, through streamlining customs clearing procedures in coordination with the ministries of finance and transport.

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