SCZone obtained $1.7B worth of industrial investments since Jan 2023, deputy chairman

Cairo – December 12, 2023: Egypt’s Suez Canal Economic Zone (SCZone) successfully attracted over $1.7 billion in industrial investments since January 2023, explained Deputy Chairman Ibrahim Abdel-Khalek on the sidelines of a recent visit by a Chinese delegation at the zone.

This reflects the zone’s dedication to promoting stronger cooperation with China, which includes the TEDA Cooperation Zone, Abdel-Khalek noted.

“This cooperation exemplifies the deep-rooted bilateral relations between Egypt and China and underscores the significance of Chinese investments in the SCZONE's economic projects,” he stated.

The Chinese delegation was led by Li Wenhai, Deputy Mayor of the Chinese city of Tianjin, CEO of the TEDA Egypt Investment Company Liu Emin, and other prominent figures.

SCZone’s deputy chairman shared details on previous Chinese investments in SCZone projects, noting previous delegations between the two, including a recent visit by Prime Minister Mostafa Madbouly during the 10th anniversary of the “Belt and Road” initiative in October.

Abdel-Khalek stated that agreements worth $15.6 billion, including 11 manufacturing and green hydrogen projects, were signed during the Belt and Road forum.

The TEDA zone celebrated its 15-year anniversary in July 2023, reporting over 140 companies operating within the zone with investments of around $1.6 billion. The SCZone-TEDA partnership has led to the creation of over 5,000 direct and 50,000 indirect job opportunities.

Trade between Egypt and China was up by 2.6 percent annually to $14.9 billion during the January-November period of 2022, compared to $14.5 billion during the same period in 2021.