Chinese investment of 5 billion dollars is expected in the Economic Zone

Chinese investment of 5 billion dollars is expected in the Economic Zone

April 24, 2019
Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and the General Authority of the Canal, assured that China is one of the most important partners working alongside African countries in the fields of industry and trade. He pointed out that Chinese projects are shown in an honorable manner in the African industrial zone.

The Admiral added that “TEDA” which is located in Ain Sokhna, within the Suez Canal Economic Zone, is an honorable representation of the People’s Republic of China.

On Wednesday, the Admiral signed a Memorandum of Understanding (MoU) between the Tianjin government and Suez Canal Economic Zone’s General Authority to develop the second phase of the TEDA industrial zone, under which the development of a 6-square-kilometer area will begin in order to establish advanced industrial sectors within the Economic Zone’s geographical scope. This will be alongside the Beijing-based International Belt and Road Cooperation Forum.

The Memorandum of Understanding (MoU) was signed in the presence of Mohab Mameesh and Zhang Yuzhu, a member of the Standing Committee of the Communist Party of China in Tianjin, representing the Beijing government. The project is expected to provide at least 25,000 jobs through the launch of nine industrial sectors in the region.

The signing of this Memorandum of Understanding (MoU) comes in the light of President Abdul Fattah el-Sisi’s visit to the People’s Republic of China, at the head of a high-level Egyptian delegation, with the aim of strengthening the success factors of the Belt and Road Cooperation Forum at regional and international levels.

Admiral Mameesh said “Today’s signing is a continuation of our success with the Chinese company TEDA in development within the Economic Zone.”

He added that the company will immediately start attracting targeted companies in the fields of textile, petrochemicals and plastic industries with a total of 5 billion dollars. These investments will add to the area of ​​Sokhna, contribute to providing job opportunities and increase investments in the area.

TEDA is the largest foreign industrial developer in the Ain Sukhna Economic Zone, and is working on developing an area of ​​7.34 square kilometers.

The company looks forward to converting the industrial city of TEDA to become more like the Chinese industrial city of Tianjin, and to contribute more in the Egyptian economy as it will provide approximately 40,000 direct and indirect jobs.

Leave a comment