Cairo, May 18th (Xinhua) – The China Egypt “Dual Port and Dual Zone” Joint Development Promotion Association was held on May 17th in the China Egypt Teda Suez Economic and Trade Cooperation Zone (Teda Cooperation Zone) in Suez Province, Egypt. At the meeting, institutions and enterprises from China and Egypt signed multiple memorandums of understanding on cooperation.
Vice Mayor of Tianjin, Xie Yuan, stated in his speech that Tianjin Egypt cooperation is an important component of China Egypt cooperation. The TEDA Cooperation Zone is a landmark project for the joint construction of the “the Belt and Road” and the development plan of Egypt’s Suez Canal Corridor. Hundreds of Chinese funded enterprises within the cooperation zone have driven local employment and taxation, injecting impetus into local economic development.
Walid Jamal Din, Chairman of the Suez Canal Economic Zone Authority in Egypt, said in his speech that he hopes to attract more Chinese companies to invest and will cooperate with China in various fields to promote the landing of industries in Egypt and expand exports while meeting local consumer demand.
Qu Defu, Chairman of Tianjin Teda Investment Holding Co., Ltd., said that Chinese enterprises are welcome to invest and develop in the cooperation zone. At the same time, we look forward to local Egyptian enterprises coming to cooperate together to enhance industrial level and international market competitiveness.
It is reported that as of April 2024, the TEDA Cooperation Zone has attracted investment of over 3 billion US dollars, with a cumulative total output value of over 4.8 billion US dollars, directly solving the employment problem of over 9000 people, and the industry driving employment of about 70000 people.