SCZONE receives Zhejiang delegation to discuss means of cooperation

The Suez Canal Economic Zone (SCZONE) received A Chinese high-level delegation from Chinese Zhejiang province, one of the the largest industrial zones in China, as 35 of the largest Chinese and foreign international companies that have various investments around the world are working within it.

The Zhejiang delegation was received by Major General Waleid Youssif, Vice chairman for SCZONE, and Dr. Ibrahim Abdel Khalek, Vice chairman for Investment and Promotion Affairs. The two sides discussed new paths for attracting new Chinese investments to the industrial zone in Sokhna, as well as advancing and supporting existing Chinese investments in expanding its projects and achieving successes such as the Joshi facility for “fiberglass”, which is considered a successful model as it is the fourth facility in the world according to the production capacity.

The two sides discussed the availability of new investment incentives to attract companies operating in Zhejiang Province to work within SCZONE and attract large entities working in various industries. SCZONE’s side stressed the facilities during the coming period for Chinese projects, which will be contracted soon, as SCZONE always appreciates cooperation with Chinese investment.

For its part, the Chinese delegation emphasized the importance of the trade and economic relations between the two countries, which are reflected in the business climate for investors. They also mentioned that the estimated investments are more than $1.4 billion in the industrial zone in Zhejiang amounting to 23% of Africa’s share, in addition to that 95% of the companies operating in the province have investments in the industrial zone in Sokhna. The Chinese side invited SCZONE to visit the province in April 2023 to promote investment opportunities in light of its targeted sectors and investment incentives.

The Chinese side pointed out that there is an upcoming visit by major Chinese companies working in the field of market research and studies to Egypt to discuss means of cooperation. They will come to study the best mechanisms for cooperation with SCZONE in pumping more Chinese investments.