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HomeAfricaEgypt's SCZONE welcomes Zhejiang Province delegation for trade talks - Dailynewsegypt

Egypt’s SCZONE welcomes Zhejiang Province delegation for trade talks – Dailynewsegypt

The Suez Canal Economic Zone (SCZONE) hosted a trade delegation from China’s Zhejiang Province on Tuesday. The delegation, led by Chen Zhicheng, Deputy Director General of Zhejiang’s Department of Commerce, included representatives from major companies like Hangzhou Iron and Steel Group, Zhejiang Machinery and Electrical Group, and China Export & Credit Insurance Corporation.

This visit precedes Waleid Gamal El-Dien, Chairperson of SCZONE, attending the “China-Egypt” Zhejiang Economic Forum in Cairo on Thursday. The forum aims to discuss progress on existing projects and explore future collaborations between SCZONE and leading Zhejiang companies. Notably, Zhejiang boasts the highest provincial income in China after Beijing and Shanghai.

“We’re delighted to welcome you,” Gamal El-Dien said, referencing SCZONE’s visit to Zhejiang during a promotional tour last year. “The strong political and economic ties between Egypt and China provide a solid foundation for collaboration. This is evident in the significant cooperation between SCZONE and Chinese investors.”

Gamal El-Dien highlighted SCZONE’s success in attracting $894min investments since January 2024, with 40% coming from China. “This signifies the mutual trust we share,” he stated, “and opens doors for further cooperation in energy production, automotive industries, and other targeted sectors.”

He elaborated on SCZONE’s advantages for Chinese investment: seamless integration between six Red Sea and Mediterranean Sea ports, four well-equipped industrial zones meeting international standards, a prominent role in global supply chains, access to various markets through free trade agreements, and a reliable energy supply.

“We appreciate the warm welcome,” reciprocated Chen Zhicheng. “Our countries, particularly Zhejiang Province with its investments of $1.132bn in Egypt’s textiles, oil, gas, and plastics sectors, enjoy robust economic ties. We look forward to the SCZONE delegation’s visit to Zhejiang for further discussions with potential investors in Egypt. This meeting paves the way for increased investment, especially considering Egypt’s early participation in the Belt and Road Initiative.”