Port of Sines signs Memorandum of Understanding with the Suez Canal Economic Zone

Thursday, September 20, 2018
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In the presence of the Minister of the Sea, Ana Paula Vitorino, a Memorandum of Understanding (MoU) was signed on September 19, at the Ministry of the Sea, between the Ports of Sines and the Algarve Authority (APS) and the Suez Canal Economic Zone, which aims to strengthen the relationship between two logistical and port interfaces of global dimension.

The Memorandum of Understanding was signed between the President of APS, José Luís Cacho, and the Chairman of the Economic Zone of the Suez Canal, strengthening the position of the Port of Sines as the main Portuguese hub of the Atlantic coast and Atlantic port of entry into the Iberian Peninsula and Europe, mainly in the intense east-west route via Suez Canal.

With four industrial sites and six ports, the Suez Canal Economic Zone is located at the crossroads of Africa, Europe and Asia, occupying 461 km2 along the banks of the newly expanded Suez Canal, with a strategic geographic position on the main commercial route between Europe and Asia. It plays a key role in world trade and promises to reinforce its importance with the development of projects such as China's mega initiative Belt and Road.

With this Memorandum of Understanding, the two entities recognize the mutual interest in establishing a partnership and cooperation relationship for mutual economic development, both in increasing business opportunities and volumes for the Port of Sines, as well as in increasing traffic through Channel of Suez.

Even before the signing of this Memorandum, the Suez Canal delegation was received by the APS Board of Directors and had the opportunity to visit the Port of Sines in order to deepen the knowledge about this port infrastructure.