Prime Minister visits the Suez region for economic and trade cooperation between Egypt and China (TEDA)

Prime Minister visits the Suez region for economic and trade cooperation between Egypt and China (TEDA)

March 14, 2019
During his tour of the projects in the economic zone of the Suez Canal in El-Ain El Sokhna, Dr Moustafa Madbouly, Prime Minister, visited the TEDA area for economic and trade cooperation between Egypt and China accompanied with his delegation and Admiral Mohab Mameesh.

 


He received some information about the area that belongs to the TEDA Company and is considered one of the biggest industrial developers in the Southern region as it lies on an area of 7.25 square km. Over the course of seven years of development and construction, the provisional stage has been completed over an area of 1.34 square km and thus has become one of the best zones for cooperation between Egypt and China in Africa.

It was explained that the Suez region for economic and trade cooperation in Egypt is the second area founded with the Chinese parliament’s approval. It started working with both Egyptian and Chinese parliaments and is considered an example for this cooperation in Africa and will be a lead example for Chinese institutions abroad.

The area is divided into 4 industrial sectors including a sector for petroleum industry represented by EPHH for petroleum derivatives that holds investments of around 30 million dollars. Also included is IDM a global digging tools manufacturer that holds investments of 30 million dollars. Both companies produce petroleum excavators, petroleum digging pipes and the necessary hardware for petroleum exploration. There is also a sector for fiberglass manufacture represented by Jushi Egypt and a sector for high and low voltage electrical appliances which is a shared investment between the Western electrical Group and Egyptian high pressure transformer company (EGMAC), one of the largest Chinese companies in the production of high voltage transport equipment, with planned investments worth 96 million dollars. Finally there is a sector for agricultural equipment manufacture represented by MUYANG with total investments of 65 million dollars. It also includes a region for small and medium sized Chinese projects. The area is considered a comprehensive functioning area for service provision; the first phase includes around 20 companies including polyethylene manufacturing companies, and companies producing duvets, lighting, and motorcycles. The second phase is planned to include fiberglass and plastic companies.

Dr Madbouly and the delegation also visited the Jushi factory for fiberglass manufacture which is the biggest project among the Chinese investments in Egypt in the high tech industry. He was informed about the factory that was constructed over an area of 146 thousand square meters. Jushi is considered the second worldwide for fiberglass industry with investments totalling 800 million dollars split over 4 phases. At the moment, its construction has been completed with investments of 600 million dollars and its annual production of fiberglass is 230 thousand tons.

Leave a comment