- SCZONE, China discuss auto, renewables, pharma, logistics investments.
- Praises TEDA's success; new Sokhna terminal with Hutchison soon.
- MoU initialled for TEDA-Suez zone: expertise exchange, land/infra facilitation.
Egypt's Suez Canal Economic Zone (SCZONE) is going to deepen its economic relations with China. To achieve this aim, the chairperson of SCZONE Waleid Gamal El-Dien welcomed a delegation led by China's Deputy Minister of Commerce, Ling Ji at SCZONE headquarters in the New Administrative Capital. The talks revolved around broadening the investment cooperation. The partnership via the TEDA industrial developer, which has been very successful in attracting Chinese investments to the zone, was highly appreciated.
Gamal El-Dien pointed out the SCZONE's proposal to work closely with the car industry for the full production stages and value chains. Besides that, collaboration in renewable energy production such as wind turbines and eco-friendly energy technologies was among their ideas. Other areas of interest to them were pharmaceuticals, medical devices, and logistics, the new container terminal at Sokhna port with China’s Hutchison Port Holdings being their highlight.
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Ling Ji stressed that the Egypt-China economic relations mirror the leaders' vision of the two countries and make the TEDA-Suez zone a key hub for the Belt and Road Initiative. He praised TEDA for its great performance in attracting the top Chinese companies in various sectors.
Moreover, SCZONE and China's Ministry of Commerce signed the first draft of a Memorandum of Understanding (MoU) that sets the plan for TEDA-Suez development. The pact encourages two-way cooperation, knowledge sharing regarding special economic zones, Chinese investments, and easy transaction procedures for land allocation and construction, thus accelerating the partnership in growth and mutual benefits in the sectors of strategic interest.
The collaboration matches Egypt's plan of using the Suez Canal as a global trade hub during the period of China’s Belt and Road expansion and might be the source of many billions of investments for the cause of sustainable development.