CAIRO – Chairman of the Suez Canal Economic Zone (SCZONE) Walid Gamal Eddin said that SCZONE has become an attractive platform for global investments thanks to its developed infrastructure, the integration of its ports with its industrial zones, and the competitive incentives it offers to investors.
Over the past three and a half years, SCZONE has succeeded in attracting investments estimated at around 11.6 billion dollars, with 50% of these investments being from China.
This reflects the strong economic partnership between the two sides and the significant interest that Chinese companies have in investing in the region.
He made the remarks during a meeting with Director General of China’s Jiangsu Provincial Department of Commerce Si Yong.
The meeting tackled industrial and investment cooperation between the two sides.
The meeting took place on the sidelines of the Jiangsu-Egypt Economic and Trade Cooperation Conference in Cairo which aims to strengthen the trade and investment partnership between companies of both sides.
The conference is meant to develop economic cooperation within the framework of the “Belt and Road” initiative and Egypt’s Vision 2030.
It also aims to explore further opportunities for cooperation between SCZONE and Chinese investments.
Within the framework of Egypt–China cooperation,
Collaboration with the Chinese TEDA Zone within the SCZONE has resulted in over 200 industrial, service, and logistics projects with total investments exceeding 3 billion dollars, he said.
Additionally, cooperation with Chinese investments in the West Qantara industrial zone has exceeded 700 million dollars.
He emphasized the authority’s appreciation for the significant economic weight of Jiangsu Province and its readiness to provide all necessary support to companies from the province wishing to expand their investments in the SCZONE, in line with the political leadership’s vision in both countries to strengthen economic cooperation and support the localization of industry.
On his part, Director General of China’s Jiangsu Provincial Department of Commerce Si Yong expressed happiness at strengthening cooperation with Egypt, particularly with the SCZONE.
He stated that this cooperation is the culmination of the long-standing historical relations between the two countries.
He noted that Jiangsu Province is home to 16 advanced manufacturing sectors and 158 officially approved development zones.
He also added that the contractual investment volume of companies from Jiangsu in Egypt amounts to approximately 240 million dollars, reflecting the growing economic presence of companies from the province in the Egyptian market.
