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HomeAfricaSCZone Signs 14 Agreements for Major Chinese Companies | Sada Elbalad

SCZone Signs 14 Agreements for Major Chinese Companies | Sada Elbalad

Fri 19 Apr 2024 | 10:53 PM

Taarek Refaat

Walid Gamal El-Din, head of the Suez Canal Economic Zone (SCZone), affirmed the economic zone’s pride in the long-term partnership with Chinese investments, whose investments amount to about $2 billion through the presence of 150 companies in multiple industrial and logistical sectors.

This came during his participation in the Cooperation and Exchange Conference between Egypt and China in the Chinese city of Zhejiang, within the framework of enhancing cooperation with major Chinese companies, especially in Zhejiang Province.

SCzone stated in a statement today that during the conference, 14 agreements were signed for major Chinese companies to establish many projects inside Egypt with the participation of the Egyptian private sector.

He stressed that current and future investments include various fields, the most important of which are energy production, automobile industries, building materials, textiles, clothing, and other industrial and service sectors targeted by the Suez Canal Economic Zone strategy.

Walid Gamal El-Din also witnessed the signing of an agreement between the industrial developer TEDA-Egypt and the Chinese company “Xin Fengming Holdings Limited” to establish a project to produce fiberglass and polyester fibers with investments amounting to $800 million.

He also witnessed the signing of an agreement with Zhejiang International Energy Co., Ltd. to build an energy supply center.

Jushi Egypt Fiberglass Company also signed an investment financing agreement with the China Export and Credit Insurance Company, Zhejiang Branch. This is to support the enhancement of Joshi’s production expansion with a capacity of 320 thousand tons annually in the integrated Sokhna region.