PM witnesses inking of four Chinese investment agreement in SCZONE

BEIJING – Egyptian Prime Minister Moustafa Madbouli witnessed in Beijing on Tuesday the inking of four new agreements of the Suez Canal Economic Zone (SCZONE) with Egypt TEDA, the Egyptian-Chinese developer.

This came on the sidelines of the participation of a high-level Egyptian delegation in the Third Belt and Road Forum for International Co-operation.

Madbouli attended the event on behalf of President Abdel Fattah El Sisi.

Madbouli stressed that the SCZONE represents an example of economic co-operation with China as it managed to secure the proper climate for Chinese projects in various industrial sectors, including energy, heavy industries and textiles.

The premier witnessed the inking of a letter of intent between Chairman of the General Authority for Suez Canal Economic Zone (SCZONE) Walid Gamal Eddin and Chairman of China-Africa TEDA Investment Co Liu Aimin on development expansions and establishing an additional industrial zone for Egypt TEDA whose industrial zone stands at about 7.3 square kilometre with investments exceeding $2 billion.

The premier also witnessed the inking of three framework agreements at $755 million.

The first agreement was signed between the heads of the SCZONE, Egypt TEDA and the Chinese company XINXING, the global R & D manufacturer of ductile iron pipes and pipe castings.

The project, whose first stage will record investments of $145 million, is expected to produce 250,000 tons of ductile iron pipes and products with about 80 per cent of production due to be exported as annual sales expected to hit $250 million.

The second agreement was inked between the heads of SCZONE authority, Egypt TEDA and China Glass to establish a 500-million-dollar project for producing float and rolled glass with 80 per cent of the production due to be exported.

The third agreement was signed between the heads of the SCZONE authority, TEDA Egypt and Shandong Tianyi to establish an industrial complex for bromine and deep processing in Egypt at $110 million investments.

Meanwhile, Chairman of the General Authority for SCZONE Walid Gamal Eddin lauded the signing of the continued partnerships with Chinese companies in light of the authority’s efforts to encourage investments.