According to a statement by Egypt's Suez Canal Economic Zone and Suez Canal Container Terminal (SCCT) spokespersons, fees at the Suez Canal's East Port Said will be cut substantially to boost its competitiveness, while $50 million will be invested in the shipping hub.
The port is located at the northern end of the canal, one of the world's busiest shipping lanes. However shipping companies have complained that its high fees have priced it out of the market, prompting them to shift business to other Mediterranean ports, especially Pireaus in Greece.
"We'll make it competitive. Not only competitive, but aggressively competitive," Yehia Zaki, chairman of the economic zone, told reporters. "Effective tomorrow."
The new fee structure would replace temporary incentives put in place last year, Zaki added.
The Suez Canal Economic Zone, overseen by a government agency, is made of up ports and development zones near or on the Suez Canal. The SCCT is part of East Port Said, an international transshipment hub with deepwater facilities.