CAIRO– The Suez Canal Economic Zone (SCZone) in Egypt, and the Colon Free Zone (CFZ) in Panama, have signed here, an agreement to promote cooperation, the SCZone said, in a statement yesterday.
“The agreement aims at exchanging information, to lure investors, benefit from available human expertise and provide added value to create integrated production chains,” the statement said.
Yehia Zaki, chairman of the SCZone authority, said, the “deal is a step on the road of openness to different investment and economic entities, for boosting developmental partnerships.”
The cooperation between SCZone and CFZ is the first of its kind between free zones in Africa and Latin America, he said, adding that, Panama is an outlet for the large Latin market that serves nearly 650 million people.
Zaki added that, the deal will also contribute to boosting global supply chains, especially amid the current global conditions.
Meanwhile, Giovanni Bruno Ferrari, general manager of the CFZ’s administration, said, “The deal represents a new start for cooperation between the two countries, in light of the importance of the Panama Canal as a trade exchange window in Latin America, and the Suez Canal as a pivotal point for trade exchange and investment activities in the Middle East and Africa.”
Source: NAM NEWS NETWORK