• Open waters

    Open waters

    Egypt is establishing a new regular maritime route in a bid to boost its trade with East Africa.

    The route links the port of Ain Sokhna in the Suez Governorate to six African countries along the Red Sea and Indian Ocean, as well as landlocked countries. According to Trade Mark East Africa, it is expected to begin operating in October and, although costs were not provided, it will be financed by Egypt’s Holding Company for Maritime and Land Transport.

    Announcing the new route, Public Enterprise Sector Minister Hesham Tawfik said the project would also promote Egypt’s role as the northern gateway between Europe and African markets. He added that logistical support – including transport, warehousing and insurance services – would be developed.

    According to MP and member of the Egypt’s Economic Affairs Committee Bassant Fahmi, trade with Africa ‘will see an unprecedented progress’.

    Between January and November last year, the North African nation’s trade volume with African countries amounted to US$6.2 billion, a 26% increase on 2017. Its exports to Africa account for up to 8% of its total exports annually.

    Tawfik said the government is also seeking to revive its Ro-Ro line with Turkey, which was halted in 2014 because of political tensions.

    Image: Gallo/Getty Images
    Date: 18 June 2019