Suez Canal Economic Zone Seals Key Investments with Chinese Companies
Port Said, Egypt — In a dynamic display of international cooperation, the Suez Canal Economic Zone (SCZone) has successfully inked 14 pivotal agreements with major Chinese enterprises, marking a substantial influx of foreign direct investment accompanied by critical private sector involvement. This landmark announcement was revealed by Walid Gamal el-Din, the head of the economic sector at SCZone, during the recent Egypt-China Cooperation and Exchange Conference.
Walid Gamal el-Din extolled the burgeoning success of the Egyptian-Chinese partnership, particularly within the Teda Egypt Economic Cooperation Zone, which has seen an impressive investment influx approximating $2 billion. This substantial capital has facilitated the establishment of 150 companies spanning various industrial and logistical sectors.
From July 2023 to March 2024, SCZone has strategically attracted 128 projects, encompassing both industrial and port domains. These ventures have accrued an investment value exceeding $3 billion, with a notable 40 percent stemming from Chinese investments. One of the centerpiece agreements under the industrial developer Teda-Egypt involves a significant project aimed at producing glass fiber and polyester. This ambitious enterprise, valued at $800 million, will boast a production capacity of approximately one million tons annually, spanning an area of 600,000 square meters within the Sokhna integrated industrial zone. The project’s first phase is set to achieve a production capacity of 300,000 tons per year, with operations expected to commence in 2026. The agreement saw signatures from Liu Aimin, chairman of Teda-Egypt and Teda-Africa, and Ma Jianmiao, vice president of Shin Company.
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Source: Nova News
