China economic counselor: Second phase of China-Egypt TEDA zone finalized

CAIRO, Sept 17 2017: Economic and Commercial Counselor of the Chinese Embassy in Cairo Han Ping said the second phase of the Egyptian-Chinese industrial zone in Ain Sokhna (TEDA) has been finalized and is ready to receive investors as some Chinese companies have already signed business contracts.

Interviewed by MENA, Ping said the second phase of China-Egypt TEDA Suez Economic and Trade Cooperation zone will include a motorbike company, a textiles city and a logistics center.

Ping also said the volume of investments is expected to hit dlrs 2 billion in the few coming years, noting that the companies which have already operated in the first phase project such as Jushi for fiberglass industry have reached a production of 200,000 tons annually.

He also said a factory for animal feed in Alexandria has been finalized along with an automobile factory at the 6th of October City.

As regards the future projects, the Chinese side is currently discussing a project for establishing a business center in the New Administrative Capital, said Ping. He made it clear that a Chinese company is assessing its participation in a tender of Hamraween coal project in Safaga, noting that a project for manufacturing smart digital electric meters would be completed within a year.

He also highlighted the agreement signed by President Abdel Fattah El Sisi during his participation in BRICS summit to carry out an electric train project at the 10th of Ramadan City.

As regards the development of the Suez Canal Corridor, Ping said Suez Canal is an important area for the Belt and Road initiative launched by the Chinese president. He also praised a decision to include East Port Said to the Suez Canal Economic Zone (SCZone) in addition to other positive developments and incentives to lure more investors to this area.

He also stressed that the new Suez Canal provides new facilities for the trade movement, especially the commodities coming from China that could reach 90,000 tons