Suez Canal output set to exceed pre-Covid levels: official

CAIRO: Egypt plans to push the Suez Canal beyond its pre-pandemic output this financial year, as a new economic zone around the water-way is developed, Arab News reported.

Minister of Planning and Economic Development Hala Al-Saeed said that the aim is to increase the GDP of the canal by 5.6 per cent, taking it up to SR23.68 billion ($6.31 billion) by the end of 2021/22.

A government report said to maximise the economic returns of the near 200km long stretch of water, it is intended to develop its economic zone and turn it into high-tech industrial and logistical zones.

There will also be supportive elements for the efforts to enhance the international competitiveness of the Suez Canal on the map of the global shipping lanes, according to the report.

Around 10 per cent of the global seaborne trade travels through the Suez Canal, including 25 per cent of the total movement of containerised goods, and 100 per cent of the seaborne container trade between Asia and Europe.