Egypt welcomes foreign investments at the Suez Canal Economic Zone (SCZone), Chairman of the Suez Canal Authority Mohab Mamish said on Tuesday.

All under-construction industrial projects are set up pursuant to Egyptian laws, Mamish said in statements following a meeting with acting premier and Housing Minister Mostafa Madboly.

Talks have been recently held with the Russian side to meet Egypt's needs of advanced industries, he said, adding that the main goal of such development projects is to provide jobs for youth.