The former Chairman of the Suez Canal Authority and the General Authority for Suez Canal Economic Zone Mohab Mamish discussed the impact that the India-Middle East-Europe Economic Corridor between India, the Middle East, Israel and Europe will have on the Suez Canal.
Mamish explained in televised statements on Monday that the economic corridor, announced at the G20 Summit in New Delhi, is a multi-modal process that transports goods via the land, sea and railway.
This is a very expensive process that is not comparable to the Suez Canal, he said.
He explained: “It means that it will go through the sea, then unload, then be transported via railway, unload, and then be transported on land. This is a very expensive and time-consuming process and against the economics of maritime transport.”
It will thus have no impact on transit in the Suez Canal, particularly after the opening of its new channel, Mamish assured.
There is no alternative to the Suez Canal, he said, pointing out that it remains the fastest way for maritime transport, as crossing between the Mediterranean and Red Seas only takes 11 hours via the canal.
“This is something we put behind us, but we must start preparing in the event of any competition. We are able to compete with merit,” he added.
