The Egyptian Prime Minister witnessed the signing ceremony of 4 new agreements for Chinese investments within SCZONE

The Egyptian prime minister, Dr. Mostafa Madbouly, witnessed yesterday, in the Chinese capital, Beijing, the signing ceremony of 4 new agreements for the Suez Canal Economic Zone (SCZONE) with the Chinese industrial developer (TEDA – Egypt), which is located on the Sokhna Industrial Zone, on the sidelines of the high-level Egyptian participation in the third session of the Belt and Road Forum, on behalf of His Excellency President Abdel Fattah El-Sisi.

First, Dr. Mostafa Madbouly witnessed the signing of a letter of interest between Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), and Mr. Liu Aimin, Chairman of China Africa Teda Investment. The signing aims for new expansions to develop another area of land amounting to 3 km2 in the Sokhna industrial zone, to be added to “TEDA -Egypt” which is now located on 7.3 km2 with total investments that exceeded the barrier of $2 billion. 

The Prime Minister witnessed the signing of 3 tripartite framework agreements, with investments amounting to $755 million. the first framework agreement was signed by the Chairman of SCZONE, the Chairman of the China Africa TEDA Investment Company, and Mr. He Qishu, Chairman of Xinxing Ductile Iron Pipes. It aimed at establishing a project to produce ductile iron pipes within “TEDA – Egypt”. This project is planned to produce 250 thousand tons of ductile iron pipes and its products mainly to cover the needs of wastewater supply lines, seawater desalination, heating, and other areas. The project also aims to export 80% of its production to foreign markets, with annual sales amounting to about $250 million, as it is being built on an area of 240 thousand square meters for the first phase, with investments estimated at about $145 million for the first phase. 

The second framework agreement was signed by the Chairman of SCZONE, the Chairman of the China Africa TEDA Investment Company, and Mr. Lyu Guo, Executive Director of China Glass, to establish a project for float glass production with a capacity of 800 tons per day, and a rolled glass production line with a capacity 800 tons per day, as it is expected to produce 243,200 tons of float glass series products for construction annually and 235,000 tons of rolled series products for photovoltaic modules annually. This will achieve annual sales of about $250 million, and the project aims to export 80% of its capacity. It will be built on an area of 500,000 square meters within the Sokhna Integrated Industrial Zone, affiliated with SCZONE, with investments of $500 million.

The second framework agreement was signed by the Chairman of SCZONE, the Chairman of the China Africa TEDA Investment Company, and Mr. Li Maoan, Chairman of Shandong Tianyi Holding Group. The framework agreement aims to establish an industrial complex for bromine and deep processing in Egypt, using Concentrated seawater or brine from salt lakes from local seawater desalination plants as raw materials, provided that the annual production volume reaches 140 thousand tons of bromine products, within the industrial developer (TEDA – Egypt) in SCZONE on An area of about 270 thousand square meters, with investments amounting to $110 million. The project also aims to export 100% of its production.

” SCZONE provided a model for economic cooperation with Chinese investments, as SCZONE is able to provide a favorable environment for Chinese projects in various industrial fields targeted by both sides, I touched the on-ground success through my visits to SCZONE, as I witnessed the inaugurating of several Chinese projects established within SCZONE.  We are welcoming more of these projects in the fields of energy, heavy industries, textiles, and others.” Dr. Mostafa Madbouly said.

” We are grateful for the successes of our partnership with the Chinese investments, which came as a result of SCZONE’s efforts to provide the appropriate environment to attract more of them until it reached today $2 billion. There are more Projects in the coming period, especially in light of the expansions that will be undertaken by TEDA, which will increase the volume of opportunities and spaces available for Chinese investments within the Sokhna Integrated Industrial Zone. In addition to the new spaces for the Chinese investments within the West Qantara Industrial Zone, the new agreements have been signed and it exceeded $100 million as a nucleus for new industrial complexes in one of the most promising industrial zones within SCZONE.” Mr. Waleid Gamal El-Dien, SCZONE declared.