TEDA Suez (China-Egypt TEDA Suez Economic and Trade Cooperation Zone), located within the Suez Canal Economic Zone (SCZone), is currently developing the second phase spread over an area of six square kilometres (sq. km), SCZone said on Monday.

The industrial zone, launched in 2008, is spread over an area of more than seven square kilometres in Ain Sokhna district, and is an approved Chinese national overseas economic and trade cooperation zone.

The 1.34 sq. km first phase attracted total investments worth $1 billion across oil, fiberglass, electrical and agricultural equipment industries and created 3,700 job opportunities, SCZone said in a press statement.

In January 2016, Chinese President Xi Jinping attended the inauguration ceremony of the second phase.

Major investments by Chinese companies in the second phase include:

$30 million by Chinese Dayun Motorcycle Co for manufacturing motorcycles and transport vehicles.

600 million Egyptian pounds ($37 million) by Sokhna Logistics in an integrated logistics cluster for cars, heavy equipment and transportation.

$13 million by Gold Time Plastic Co. for manufacturing plastic granules

$30 million by Li Zhu Egypt Textile Co. for production of home textile and garment fabrics

$100 million by Taishan Gypsum Co. for production of gypsum boards and gypsum powder.

$36 million by Yan Jiang Egypt Non-Woven Products Co.

$55 million by Patron Egypt for manufacturing PVB films and products and plastic granules

$18 million by Tiancheng Renewable Resources Co. for recycling and production of renewable resources, plastic and rubber products

The second phase aims to attract 150 companies and create 40,000 job opportunities, the statement noted, adding that the Chinese government has also invested 110 million Egyptian pounds ($6.9 million) in setting up a technical training centre in SCZone for the purpose of training and qualifying workers.

SCZone, which was established in 2015 by a presidential decree, is spread over an area of 460 sq. km.

(1 US Dollar = 16.14 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Egypt #TEDASuez #SuezCanalEconomicZone(SCZone) #Industrial #Logistics

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