Egypt’s Prime Minister Moustafa Madbouli on Monday reviewed a report on existing and future Chinese investments in the Suez Canal Economic Zone (SCZone).
Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Walid Gamal Eddin told the premier that TEDA, in co-operation and co-ordination with the authority, is promoting eight new investment projects worth a total LE5 billion.
The projects, which cover bromine production, cast iron, windmill blades, auto engines and spare parts, ceramics and household appliances, will provide 7,000 jobs, Gamal Eddin said.
Chinese companies account for most in the TEDA area of the zone, with 134 firms with total issued capital of $2.4 billion.
These companies are involved in industrial, services, administrative and trade with total workforce of 10,000 until end of March 2023.
He also referred to President Abdel Fattah El Sisi’s last visit to the SCZone, when four new projects were opened.
The SCZone chief spoke of investment of more than $6 billion outside the TEDA area in green hydrogen, which comes amid growing global interest.
Several big-name international companies, of which two are Chinese, have applied to invest in the zone.
Egypt TEDA SEZone Development Company in Sokhna and TEDA Egypt for Investment are in charge of the development and promotion of investment in the TEDA region, with investments totalling $240 million to date.
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