Cairo: Egypt's Suez Canal Economic Zone (SCZONE) announced on Tuesday its engagement with Japan's Sumitomo Corporation to explore the establishment of a new industrial zone aimed at attracting Asian investment. The proposed zone would operate under a developer model, a strategic move by SCZONE to bolster foreign investment in the region.

According to State Information Service Egypt, SCZONE Chairman Waleid Gamal El-Dien met with Sumitomo executives during the Egypt-Japan Investment Forum. The discussions focused on multiple aspects including investment incentives, the impact of free trade agreements, and potential ventures in green energy and infrastructure development.

The talks also delved into possible collaboration in ship bunkering using diverse fuel types and the production of green hydrogen. This green hydrogen could be exported or utilized in green industries, particularly in steelmaking. Sumitomo's involvement could extend to infrastructure projects in SCZONE, such as water desalination plants and the establishment of a hydrogen service corridor, as mentioned in the statement.