Egypt has reportedly signed a memorandum of understanding (MoU) with giant French liner shipping company CMA CGM in a bid to enhance bilateral cooperation in the field of maritime transport, dry ports and logistics zones, according to regional reports. The MoU was signed by Egyptian Transport Minister Kamel El-Wazir and aims to boost Egypt’s economic standing. According to reports, the MoU will see Egyptian ports double their operating capacity as well as expand transit trade.

The MoU was signed via a video conference between Kamel el Wazir and Chairman and Chief Executive Officer of the CMA CGM Group Rodolphe Saadé, in the presence of Egypt’s ambassador in Paris Alaa Youssef.

The move is part of Egyptian President Aabdel Fattah El Sisi’s mission to turn Egypt into a global trade and logistics hub. President El Sisi aims to do this via boosting cooperation and partnerships with major international companies specializing in various fields of transport, and mainly, maritime transport. 

The transport minister stressed the importance of this deal, which includes cooperation in several areas; multipurpose terminals, commercial ships, maritime navigation, designing dry ports and logistic areas that connect seaports by railways.