CAIRO: Egypt is to sign a Memorandum of Understanding (MoU) with Spain to establish fish farms in the Suez Canal axis Thursday, said Mohab Mamish Chairman of the Suez Canal Authority, Youm7 reported.
The MoU came among 5 other MoUs and agreements to be signed on the side lines of President Abdel Fatah al-Sisi’s visit to Spain April 29-30.
Mamish added that the fish farms project will provide food security with reduced prices.
“Suez Canal income will increase by 250% after the inauguration of the New Suez Canal in August,” said Mamish.
Spanish businessmen are concerned with establishing projects in Suez Canal axis in the fields of logistics, medicine and car assembly. Also, France was between the countries interested in establishing car assembly projects in the New Suez Canal project, according to Mamish.
President Abdel Fatah al-Sisi was invited to visit Spain during his meeting with Spanish Foreign Minister José García-Margallo y Marfil Dec. 27, 2014 in Cairo.
Sisi’s visit aims to strengthen bilateral ties with Spain; Spanish investment in Egypt has exceeded 700 million Euros ($784 million) in the fields of gas, cement, renewable energy, automotive industry and railroads.