Tuesday, Feb 25, 2020
International Finance
Ports and Shipping

Egypt’s Gosoor port Project to boost intra-Africa trade

Egypt Gosoor Project
The Gosoor Project is expected to be completed by 2020

The shipping line between Ain Sokhna Port in Egypt and Mombasa Port in Kenya as part of the Gosoor Project will start operations on October 14. The Gosoor Project aims to strengthen intra-Africa between Egypt and Africa. 

Egypt’s Minister of the Public Business Sector Hisham Tawfik said that the project’s first phase will offer an integrated logistics and transportation services network for external trade activities with East African countries. 

According to media reports, companies under the public business sector ministry will help to boost external trade, in addition to providing a goods insurance service. 

Tawfik said “The project is expected to be entirely completed by 2020, and will be managed using international expertise in order to provide high quality service.”

The project will provide services including road transport for commodities along with assembly and custom clearance services at ports. Tawfik added that storage space and shipping lines will be allocated for sea transport at decreased shipping prices. 

Egypt also aims to explore foreign markets. For that reason, a new marketing and mediation company is being setup in partnership with domestic banks and private sector investors. 

Earlier this month, Egypt announced its plan to launch the largest logistics project in the Middle East. The project will comprise a container terminal, a dry port and a cargo distribution area. The first phase of the project will have a total investment of €750 million, media reports said. 

It will be a landmark project in the Eastern Mediterannean region, with a focus to attract foreign direct investments. The terminal is expected to be completed by 2022—and will be linked to a dry port in Al Dhuhair through a railway line.

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