China’s TEDA and SCZone sign new project contracts worth $60M

CAIRO - 13 July 2023: Chinese Company TEDA and the Suez Canal Economic Zone (SCZone) signed several contracts worth $60 million for a variety of projects in the textile, auto parts, and electric power transformers industries. 

The signing of the contracts took place yesterday on the sidelines of the 15-year celebration of the partnership between TEDA Egypt and SCZONE. The signing was witnessed by the Chairman of the General Authority for the Suez Canal Economic Zone, Walid Gamal El Din, the celebration and signing included the Chinese Minister of Plenipotentiary Trade, Chang Chuyang, and Managing Director of the China Development Bank, Mr. Ma Lu. 

The several contracts signed were for China Construction Wall project worth $10 million in investments on an area of 27,000 square meters, Deyu (Egypt) for textile printing with $20 million on an area of 20,000 square meters, Zaiyo for auto parts with  $2 million on an area of 20,000 square meters, Kang Dewei with $3.2 million on an area of 20,000 square meters, and Aoxiu Textile Company with  $25 million on an area of 36067.8 square meters. 

Gamal El-Din stated that the new projects are the results of the continuous work and the strategic partnership between SCZONE and the Chinese investors. He also stated that “TEDA-Egypt has made investments worth $1.6 billion and witnessed the presence of about 140 companies during the last period. There are many opportunities to double these investments, especially after the SCZone’s delegation tour in China last May, which witnessed the signing of several agreements, as well as an exchange of visions that emphasized a promising future and new opportunities for this partnership” 

SCZone’s delegates have conducted a series of promotional tours during the months of May and June for investment opportunities in the State of China. The tour took place in China’s capital Beijing and the provinces of Guangzhou and Tianjin. The tour mainly included several talks with companies in the fields of energy, infrastructure, textile, and others.