On 12 July, TEDA-Egypt oversaw the signing of final contracts for projects worth USD60 million with Chinese companies; the projects will be carried out in the heart of the Suez Canal Economic Zone (SCZONE). Yesterday’s contracts seal agreements made last May during a visit by senior SCZONE officials to China.
The China-Egypt TEDA SCZONE is a national overseas economic and trade cooperation zone authorised by both Egypt and China; it targets boosting capacity cooperation between the two countries.
The sealing contracts coincide with the celebration of 15 years of cooperation between SCZONE and TEDA-Egypt.
The project contracts signed included the China Construction Curtain Wall, with investments estimated at USD10 million, which will be established over 27,000 sq.m. Another project worth USD20 million involves textile printing and dyeing, jointly with Deyu (Egypt), and will stand over 20,000 sq.m. A project for automotive spare parts with Zaiyu, worth USD2 million, will stand over 20,000 sq.m.
A contract with Kang Dewei with investments worth USD3.2 million was also signed, as well as a contract with Aoxiu Textile worth USD25 million on an area of some 36 sq.m.
During their tour last May, the SCZONE delegation explored the available investment opportunities with the government of China. The delegation negotiated with Chinese companies operating in various fields including energy, infrastructure, and textile industries. The tour bore fruit, benefiting the common interest on both sides.
Present at the signing ceremony were Major General Abdel-Meguid Saqr, Governor of Suez, Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, Chang Chuyang, the Chinese Minister of Plenipotentiary Trade, and Ma Lu, Managing Director of the China Development Bank.
According to Mr Gamal El Din, the new projects are the result of diligent work and strategic partnership between SCZONE and Chinese investors. TEDA has made investments worth USD1.6 billion and partnered with some 140 companies during the last period, Mr Gamal El Din said.
Watani International
13 July 2023