(MENAFN- Daily News Egypt) Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), witnessed the signing of a new investment agreement with China's WINPEX, a company specialised in lighting products and electrical appliances. The project, developed under the umbrella of industrial developer MDC within the integrated Sokhna zone, aims to build a factory for the production of solar-powered lamps, LED lighting units, electronic devices, and plastic components.

The project involves total investments of $15m, will span 50,000 sqm, and is expected to create 500 direct jobs. WINPEX plans to export its entire output.

The agreement was signed by Walid Youssef, Managing Director of MDC, and Malan Tang, Chairman of WINPEX, in the presence of senior officials from the authority and both companies.

Gamal El-Din said the Suez Canal Economic Zone has evolved into a prime investment destination, supported by robust infrastructure, fully developed utilities, and seamless integration between the authority's industrial zones and ports. He highlighted the availability of well-trained technical labour, competitive renewable energy resources, and the zone's unique access to global markets through ports overlooking both the Mediterranean and Red Seas. These advantages, he noted, are reinforced by multiple international trade agreements that position SCZONE as a global gateway and a strategic node in international supply chains.

He stressed the authority's ongoing efforts to localise industry and transfer technology-efforts that support the national economy and align with Egypt's Vision 2030 and the country's economic development agenda, which prioritises attracting foreign direct investment and boosting exports.

Gamal El-Din also highlighted the key role of industrial developers, describing them as strategic partners in diversifying the investment landscape across the zone. He added that the continued expansion of Chinese investments reflects the depth of the strategic partnership and strong bilateral relations between Egypt and China.

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