Egypt’s Prime Minister Mostafa Madbouli has witnessed the inking of agreements for new projects that would be carried out in the Suez Canal Economic Zone (SCZONE).
The agreements were signed on the sidelines of Madbouli’s participation at the Forum on China-Africa Cooperation (FOCAC), currently held in Beijing.
The signing ceremony was also attended by Waleid Gamal El-Dien, Chairman of the SCZONE, and Egypt’s ambassador to China Asem Hanafy.
Gamal El-Dien said the contracts included an agreement with industrial developer TEDA-Egypt to establish a factory for glass production over an area of 500,000 square meters.
The project is one of the main pillars to localize renewable energy-related industries with total investments of $300 million, contributing to creating some 800 job opportunities.
The project also aims to export products to North Africa, the Middle East and Europe with 240,000 tons of exports a year, while the annual export revenues amount to $120 million, he said.
Gamal El-Dien also met with Yu Jiang, President of the Chinese BEFAR Group (Binhua), which is one of China’s largest companies specialized in manufacturing chemicals, petrochemicals and new materials.
A contract has been inked to carry out a project in the Suez Canal zone to produce chloralkali over an area of 400,000 square meters.
The project’s production capacity is 100,000 tons with investment costs of $500 million.
The project, whose construction works will start by late 2024 and lasts for three years, contributes to creating some 795 job opportunities.
Gamal El-Dien said the deals also included usufruct contracts with Elite Solar to establish a factory of solar cells in the Suez Canal zone over an area of 77,000 square meters.
The project’s investment cost amounts to $100 million and contributes to creating some 600 job opportunities.
A usufruct contract was also inked between TEDA and Dahui Glucose & Tiba Starch to establish a factory of starch over an area of 41,000 square meters.
The project’s investment cost amounts to $7.5 million and contributes to creating some 156 direct job opportunities, he said.
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