Egypt's Suez Canal Economic Zone (SCZone) secured the
investments from Chinese companies active in chemical, textile and apparel,
power, pipes, and iron and steel industries. The investment agreements and
commitments were secured during the visit by SCZone Chairman, Walid Gamal
El-Din.
Focus of the deals appears to be the Suez Economic and Trade
Cooperation Zone (SETC), an industrial estate near the city of Suez, jointly
established by the governments of China and Egypt, for the purposes of inviting
Chinese companies to set up industries, as part of the Belt and Road project.
The SETC was built by the Tianjin Economic-Technological
Development Area (TEDA). The TEDA Suez zone was created in 2008 and extended in
2016 during a visit by Chinese President Xi Jinping to Egypt.
Last week, the SCZone delegation held discussions with
Xinxing Ductile Iron Pipes Co, regarding a proposed US$2 billion ductile
cast iron pipe manufacturing plant in the Sokhna Industrial Zone, Zawya said.
“The first phase of the project will have an annual
production capacity of 250,000 tons of ductile iron pipes, which is expected to
increase to 500,000 tons per year in the second phase,” it said.
Shandong Tianyi Company planned to establish bromine and
caustic soda production plants in TEDA Suez, with a total investment of $310
million.
“The bromine production plant, valued at US$110 million,
will cover an area of 270,000 square meters and have an annual production
capacity of 140,000 tons,” it said.
Several other projects in textiles, power generation,
apparel and fashion and other industries, worth tens of millions of dollars, to
be located in Suez, Sokhna and Abu Khalifa were also announced.
While in China, Gamal El-Dien also met with officials from
the China-Africa Development Fund, to discuss investments in the
pharmaceutical, automotive, and green fuel industries. His counterparts
expressed readiness to finance Chinese investment projects in SCZone, including
those related to green hydrogen.
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