(MENAFN- Daily News Egypt) Walid Gamal El-Din, the chairperson of Suez Canal Economic Zone (SCZONE) met with several Chinese companies operating in various fields, most notably the automotive industry, on the sidelines of the Forum on China-Africa Cooperation (FOCAC), held in Beijing from 4 to 6 September.
This meeting aims to explore opportunities to enhance Chinese cooperation with the SCZONE as a gateway for trade and investment with African countries in diverse sectors.
During the meeting, Gamal El-Din met with representatives from Great Wall Motors, a Chinese company specializing in the manufacture of cars and trucks, to discuss ways to localize this vital industry within the SCZONE. This comes especially in light of the rapid growth seen in the automotive industry, which necessitates the transfer of the latest industrial technologies and the extensive expertise of leading companies in the sector to the SCZONE.
This is particularly relevant after the Egyptian government launched the National Strategy for Localizing the Automotive Industry in Egypt from the heart of the East Port Said Integrated Zone, which is part of the authority.
Gamal El-Din highlighted the key factors contributing to the success of the SCZONE, its competitive advantages regionally and internationally, and its role as a gateway for investment and trade, supporting value chains for Africa. This is facilitated by its strategic location at the entrance to the continent and its trade agreements with African countries, such as COMESA and Mercosur.
He also pointed out the deep strategic cooperation between the authority and Chinese investments, which account for approximately 40% of the total investments the authority has attracted over the past two years.
For their part, officials from Great Wall Motors (GWM) took the delegation from the Authority on a field tour of the company's factories and the research and development center, providing an up-close look at the company's success stories and its plans for development and expansion in the automotive sector. The company has an annual production capacity of 1.5 million units, which are exported worldwide. The company officials confirmed that they have begun manufacturing and assembling electric vehicles and are also working on developing green fuel trucks.
At the conclusion of his tour of GWM's facilities, Gamal El-Din stated that the Egyptian government is offering significant incentives to localize the automotive industry, emphasizing that the SCZONE will provide full support by supplying the company with all necessary data and information to strengthen its decision to launch its project in Egypt by the end of this year.
SCZONE's chairperson also met with Wei Rushan chairperson of CNBM Co. Ltd, and Vice Chairman of the CNBM Group (Jushi) of China National Building Materials Group Corporation, at the group's headquarters in Beijing. In this context, Gamal El-Din stated that the SCZONE is keen to strengthen its partnership with Chinese investments and elevate it to new heights, while also discussing ways to expand the group's operations within the economic zone in the coming phase.
The group's representatives expressing their strong enthusiasm to begin a new chapter of cooperation with the SCZONE, particularly after the previous successes of the group in partnership with the Authority. They appreciated the continued support provided by the Authority's management on all levels. The officials also revealed that, in collaboration with the authority, the company is studying the establishment of a specialized industrial zone in Sokhna on an area of approximately 5 million sqm.
This will be the first specialized industrial complex to accommodate industries the company plans to expand outside China, particularly in renewable energy sectors such as (ultra-high towers, wind turbine blades for electricity generation, solar energy systems, and mirrors), which are key applications of fiberglass production. These industries are also integral to green hydrogen production. Additionally, the company aims to extensively cover factory rooftops within the SCZONE with solar panels.
The (FOCAC) represents a significant opportunity to enhance cooperation between the two sides, focusing on priority areas to overcome current challenges facing the African continent, which underscores the importance of meeting the basic needs of Africans, particularly food and medicine, as well as developing the industrial and logistical bases of African countries by integrating supply chains and improving the business climate across the continent.
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