The extension to the Suez Canal has revitalised the existing maritime trade corridor that connects the Mediterranean Sea to the Red Sea, promoting social stability and increased revenue for the Egyptian state, according to admiral and former head of the Port Said Ports Authority, Shereen Hassan.
In a general address to those gathered at the Suez Canal Global Conference (SCGC), Hassan lauded the conference for bringing together representatives of the Suez Canal Authority and the shareholders in the shipping sector for the first time, adding that it marks the beginning of a series of international conferences organised by the Suez Canal.
“The Suez Canal has had an effect on the social stability side; it is more than just a trade hub,” Hassan said. Coincidental with the expansion of the Panama Canal, the construction of the New Suez Canal ensured that the Egyptian trade waterway remains contemporary with advances in infrastructure.
Approximately 80% of imports to Eastern Europe traverse the Suez Canal. Additional, the canal has became an integral conduit in Chinese-European trade, Hassan added.