AU Commission chief congratulates Egypt on New Suez Canal

Chairperson of the African Union Commission Nkosazana Dlamini Zuma congratulated President Abdel Fattah El Sisi, the Egyptian government and people on the inauguration of the New Suez Canal.

In a statement sent to MENA, the Chairperson "enthusiastically applauded this monumental accomplishment; a feat achieved within the space of a single year".

The new Canal "is expected to significantly enhance trade volumes. This key infrastructure will contribute to an increase in Egyptian National Income – through an envisioned increase in hard currency gains and the creation of additional employment opportunities, especially for youth living along the canal and in the surrounding areas," the statement said.

She expressed her appreciation for this momentous venture undertaken by the Egyptian people and extended her best wishes for the successful exploitation of the new projected.

"It is a profound pleasure to see a Member State making significant progress in the global trade arena, and even more encouraging to witness this growth and exploitation of Africa’s blue economy”, she said.

"The inauguration of the New Suez Canal is a significant step in terms of the ability of the Egyptian government to attract foreign investment through increased commercial navigation on the Mediterranean Sea, and the stabilization the security situation in the region," she added.

"It is projected that the new Suez Canal will boost the Egyptian economy as a result of a vast increase in the average rate of vehicles (ships) journeying through the channel. The expectation, according to the government of Egypt, is that revenues derived from the use of the enlarged waterway will rise by over 200 percent", Zuma said.

The new Canal enhances the continent’s productivity and competitiveness in the global arena, paving the way towards the realization of Agenda 2063," she concluded.