Egypt's Suez Canal Investments Hit USD 6 Bln Over Two Years - Official
Date
5/17/2024 3:04:57 PM
(MENAFN- Kuwait News Agency (KUNA)) CAIRO, May 17 (KUNA) -- Egypt's Suez Canal Economic Zone (SCEZ) has managed, over two years, to allure 128 investment projects estimated at USD 6 billion, China makes up 40 percent of them, an Egyptian official said Friday.
This announcement came during a meeting between Waleed Jamal-Elden, head of SCEZ, with a Chinese delegation headed by Vice Mayor of the People's government of Tianjin Xie Yuan inside the industrial developer, TEDA-Egypt, to discuss cooperation and means of sharing expertise between the ports of Sokhna and Tianjin.
Jamal-Elden added: "Wwe seek to allure 1,000 Chinese companies by 20230 in the zone. Successful cooperation with TEDA is the starting point, which built bridges of confidence between the SCEZ and Chinese investments."
Meanwhile, Xie said this year marks 10 years since the comprehensive partnership was forged by China and Egypt.
TEDA-Egypt project is historic and an example of Africaan-Chinese collaboration in building the Belt and Road Initiative, he said, adding that this zone has achieved comprehensive development.
For his part, chairman of TEDA Qu Defu said that the TEDA-Egypt region is a bridge linking the national strategies of China and Egypt.
He indicated that the partnership has achieved a developmental leap in recent years, affirming TEDA's full commitment to creating a first-class investment environment.
The meeting also covered building green, modern and smart ports, said the statement, adding that a contract was signed to establish a project on an area of 20,000 square meters with USD 5.5 million investments.
It referred to unveiling the curtain for Al-Yasmin industrial investment company project located on an area of 20,000 square meters, with a total investment of USD 1.9 million, and another projects of about USD 20 million. (end)
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