Suez Canal Economic Zone (SCZone) chairman Walid Gamal Eddin yesterday toured development projects at Ain Sokhna implemented by Chinese industrial developer TEDA-Egypt in order to strengthen co-operation between the two partners.
The SCZone chairman said his authority is ready to offer necessary support to Chinese firms operating in the zone through direct and indirect investment procedures and incentives.
Gamal Eddin said he is looking forward to pushing co-operation to new highs in green energy.
The TEDA-Egypt, an affiliate of the Chinese TEDA company, has proved that both sides can achieve greater success in projects of common interest, he said, adding that the SCZone has the desire to co-operate with China in the field of medical supplies industry to reduce imports.
SCZone also pays great attention to localising food industries, in addition to the possibility of co-operation with the Chinese side in car manufacture, Gamal Eddin said.
He said that the zone is establishing a new company to invest in projects in the Suez Canal Authority.
The new company would focus on complementary industries to make solar panels, electric turbines, and maintain localisation of green industrial technology in Egypt, Gamal Eddin said.
Egypt aims to become a main hub for green fuels, and the economic zone plays a major role in linking these projects to the Sokhna port, Gamal Eddin said, adding that his authority is exerting intensive efforts to attract more investments in clean energy projects.
For his part, TEDA-Egypt Managing Director Zhang Yixiang said EBH and IDM, which work in the petroleum equipment sector are among a number of companies operating within the scope of TEDA-Egypt.
“We also have four existing industries for building materials supplies. Joshi factory for the production of fiberglass is on the top of them,”Yixiang said.
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