Prime Minister Mostafa Madbouly during the singing of the agreement. Cabinet.
The SCZONE signed an LOI with China-Africa TEDA Investment for the development of an additional industrial zone in the TEDA Cooperation Zone located in Ain Sokhna. The investments are expected to total more than $2 billion.
China-Africa TEDA Investment requested the allocation of three square kilometres of land for the project.
Iron pipes factory
The SCZONE signed a framework agreement with China-Africa TEDA Investment and Xinxing company to build a ductile iron pipes factory.
The new factory is planned to annually produce 250,000 tons of ductile iron pipes and products for drinking water and wastewater networks, desalination plants, and other purposes.
80 percent of the factory's output is planned for foreign export, targeting around $250 million worth of sales annually.
The first phase of the pipe factory is projected to attract $145 million in investments and create 600 jobs.
Glass products factory
The SCZONE also inked a framework agreement with China-Africa TEDA Investment and China Glass Company to build a 500,000 square-meter glass factory in Sokhna Industrial Zone, with $500 million in investments.
The new factory is planned to produce hundreds of thousands of glass products for construction and photovoltaic units, targeting up to $250 million in sales annually.
The glass factory is also expected to export 80 percent of its output. The project is expected to create between 600 and 800 jobs.
Industrial complex
The SCZONE signed another framework agreement with China-Africa TEDA Investment and Shandong Tianyi to build an industrial complex for the production of bromine and the deep treatment of seawater, with investments worth up to $110 million.
The project is planned to create 140,000 tons of bromine annually and export 100 percent of its output. The new factory is estimated to create 700 jobs.
The LOI and agreements were signed during Prime Minister Mostafa Madbouly's visit to China to attend the third Belt and Road Forum for International Cooperation.
The China-Egypt TEDA SCZONE is a national overseas economic and trade cooperation zone authorized by Egypt and China’s Ministry of Commerce.
Founded in 2008 by China's Tianjin TEDA Investment Holding Co., the TEDA Cooperation Zone is located in Ain Sokhna, Suez Governorate, over 120 kilometres from Cairo.
According to Walid Gamal El-Din, chairman of the SCZONE, Chinese investments in the zone have reached $2 billion.
Trade between Egypt and China increased by 2.6 percent during the first 11 months of 2022, hitting $14.9 billion compared to $14.5 billion during the same period in 2021.
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