23000 ships annually.. Importance of the Suez Canal in the global maritime transport movement

The Suez Canal has a strategic importance in the Mediterranean region, in light of Egypt's pivotal role in ensuring stability at the regional and global levels, as the canal is a fundamental pillar of security and economic development in the Mediterranean region.

Strengthening bilateral relations between Italy and Egypt

During the launch of the SRM Center for Economic Research, Ambassador Michele Quaroni, Ambassador of Italy to Egypt, praised the role of trade and investment in strengthening bilateral relations between Italy and Egypt.

Massimo Diandris, Director General of the SRM Center for Economic Research, said that the research, which was conducted in cooperation with the Bank of Alexandria, highlighted the importance of the Suez Canal for global trade.

The canal is an essential pillar of international trade, and more than 23,000 ships pass through it annually, representing 12% of the global maritime traffic.

12% of the global maritime trade

The report dealt with the performance of the Suez Canal, through which 12% of the global maritime trade passes. Trade relations and maritime links with the European Union, and Italy in particular.

Technology localization

On a related note, the consolidated financial statements of the Suez Canal Technology Localization Company revealed, for the first half of its current fiscal year, an increase in the company's profits by 33.4% on an annual basis.

The company stated in a statement that it achieved a net profit of 608.4 million pounds during the period from September to the end of February 2023, compared to profits amounting to 456.04 million pounds during the same period of its last fiscal year.

The company's revenues rose during the six months to 875.14 million pounds, compared to 771.38 million pounds during the same period of its last fiscal year.

digital transformation

The Ministry of Supply had announced the establishment of a model commercial registry office in the Suez Canal economic zone, in addition to exchanging data and information related to commercial and logistical activities, and linking the registry office within the authority to the central data network of the commercial registry.

This comes as a continuation of the implementation of the directives of President Abdel Fattah El-Sisi, President of the Republic, to promote digital transformation for a better future for the economy and to facilitate access to government services.

It aims to establish a commercial registry unit in the Suez Canal Economic Zone

1- Making registry services available to clients and investors.

2- Availability of receiving applications for registration of trademarks, industrial designs and geographical indications.

  Commercial registry offices are currently being developed and converted into model offices.