Cairo, July 16 (Xinhua) — Witnessed by Egyptian Prime Minister Madbury, the Suez Canal Economic Zone Authority, the main development company, and the Teda Special Zone Development Company of Egypt signed an expansion agreement for the China Egypt Teda Suez Economic and Trade Cooperation Zone (Teda Cooperation Zone) on the 16th. Chinese developer Teda Group will invest $100 million in infrastructure construction to add 2.86 square kilometers of land.
According to a statement from the Egyptian Cabinet, this expansion comes at a time when the original 7.34 square kilometers of land in the Teda Cooperation Zone are about to be completed. After the agreement is signed, the total area of the zone will exceed 10 square kilometers.
This cooperation is crucial for accelerating the industrial development of the Suez Canal Economic Zone, “Madbury said. Egypt is working hard to strengthen cooperation with the domestic and foreign private sectors to promote economic development and create employment.
Walid Jamaldin, Chairman of the Suez Canal Economic Zone, stated that the expansion of the Teda Cooperation Zone provides a new platform for localizing specific industries in Egypt and will attract more Chinese companies to enter Egypt. He said that in the past three years, the Suez Canal Economic Zone has attracted Chinese investment of over 4 billion US dollars, and the strategic mutual trust between the two sides has laid the foundation for doubling future investment.
Cao Hui, Executive Director of the Teda Special Zone Development Company in Egypt, said that the Teda Cooperation Zone plans to complete the development of new land within two to three years, with a focus on attracting high-end manufacturing enterprises such as new energy, new materials, automobiles and spare parts, and fine chemicals to settle in.
TEDA Cooperation Zone was founded in 2008. In recent years, it has continuously attracted enterprises and projects to settle down, and has gradually become a demonstration project linking the “the Belt and Road” initiative with the construction of Egypt’s “Suez Canal Corridor Economic Belt”.