China-Egypt industrial zone to attract $5bn investments

There are 80-100 international companies are projected to invest approximately $5bn in the Egyptian-Chinese industrial zone in Ain Sokhna.

While participating in the Builders of Egypt forum last Wednesday, Hui Jiwen, the managing director of Tianjin Teda Company Limited, said that these investments will provide 20,000 to 30,000 jobs opportunities.

Sixty-eight companies, from Egypt, Japan, Korea, France, China, have already invested approximately $1bn in the region. Thirty-three of these companies are operating in the industrial field, Jiwen added.

Jiwen said the company is primarily concerned with industrialisation and modernisation of the industrial environment in Egypt.

He explained that the Egyptian-Chinese industrial zone in Ain Sokhna is host to five key industries, namely silos, equipment, petroleum products, non-woven textiles and complementary industries.

Teda has established a resort for entertainment and recreation in Ain Sokhna that served 20,000 Egyptian companies during the past period. The company plans to open Swiss Inn hotel in Ain Sokhna in 2016.

Source: Daily News Egypt