Egyptian-China industrial zone may get $5-bln investments
By Staff Writer
Mar 07, 2016 03:45 AM EST
Mar 07, 2016 03:45 AM EST
Egyptian-Chinese industrial zone in Ain Sokhna is expected to attract $5 billion investments with 100 companies slated to set up their operations in the zone. The anticipated investments will create employment opportunities for about 30,000 people. The industrial zone is keen on paving the way for industrialization and modernization in Egypt.
Hui Jiwen, Managing Director of Tianjin Teda Company, is expecting 80-100 companies to set up business operations in the industrial zone. Jiwen participated in a forum organized by Builders of Egypt. He said the expected investments would generate 20,000-30,000 jobs in the Egyptian-Chinese industrial zone.
Daily News Egypt reports that 68 companies from Egypt, Japan, Korea, France and China have already made $1 billion investments in the region. 33 of these companies have established their base in the industrial zone and started operations as well. The industrial zone is supporting the growth in industrialization and modernization in Egypt.
Tianjin Teda is contributing to modernization practices in Egypt. Egyptian-Chinese industrial zone is located in Ain Sokhna. Several companies from different sectors such as petroleum products, non-woven textiles, silos, equipment and complementary segments are functioning in the industrial zone.
Sino-Egyptian industrial zone is one of China's premier overseas investment zones. The expansion works on Sino-Egyptian industrial zone is under progress. A Chinese company is overseeing the construction works as part of the expansion plan. An estimated investment of $230 million is being earmarked for the expansion project of China-Egypt Suez Economic and Trade Cooperation zone, according to Chin.org.cn.
The expansion project will include six square kilometers of area. After the expansion project, Egyptian-Chinese industrial zone will have modern warehouses and logistics infrastructure in addition to export-oriented manufacturing facilities. The expansion project of Egyptian-Chinese industrial zone is scheduled to be completed in 10 years from now. Two square kilometers of area will be developed as part of the first phase of expansion project.
China and Egypt have been working closely as part of their economic and trade cooperation pact. Chin has recently proposed a 'Silk Road Economic Belt' and '21st Century Maritime Silk Road' concepts. China has also agreed to Egypt's proposal on New Suez Canal Economic Corridor strategy. Egypt's plans for economic development and China's measures for economic restructuring are creating opportunities for both the countries, according to China Daily.
An entertainment and recreation resort set up by Tianjin Teda is operational in Ain Sokhn industrial estate, serving 20,000 Egyptian companies. Tianjin Teda is also planning to launch its Swiss Inn hotel in Ain Sokhna in 2016.
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