China's Midea Group for electronics has laid down the foundation stone at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in the Suez Canal Economic Zone (SCZone) in Ain Sokhna, Egypt.
In a statement on Friday, the SCZone said the new $25 million investment project is expected to create more direct job opportunities to up to 500 workers. It is planned to be completed in 2022, it said.
During the ceremony of laying down the foundation stone, vice president of the SCZone for the southern sector Mohamed Shaaban said the Egyptian-Chinese historic relations are seeing a tangible development, pointing out to the participation of the Chinese companies in the mega projects, being implemented in the New Administrative Capital.
China's Midea Group is deemed one of the largest 500 companies in China, given its experience that spans more than 50 years and presence in more than 150 countries worldwide.