Mohammed Abu Zaid

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.

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

A government report stated that to maximize 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 efforts to enhance the international competitiveness of the Suez Canal on the map of global shipping lanes, according to the report.

About 10 percent of global seaborne trade travels through the Suez Canal, including 25 percent of the total movement of containerized goods, and 100 percent of the seaborne container trade between Asia and Europe.