Chinese TEDA Investment Group is planning to complete developing the first phase of 6 sqkm North West Gulf of Suez Canal economic zone (SE Zone) late 2016, chairman of its Egypt unit Liu Aimin announced Thursday.
Works on SE Zone have started on Thursday with investments amounting to US$230 million.
The project would be executed through three phases with 2sqkm each, Aimin added.
The new extension is expected to attract 180 international firms during the upcoming phase. Lately, number of firms has signed investments agreements.
Dayun Group is one of the firms that has signed an agreement to establish a factory on an area of 400.000 square metres with total investments of US$ 40 million
Furthermore, Chinese TEDA, the owner of Egypt TEDA Investment Company, has signed in 2014 an investment agreement with the General Authority for Investment (GAFI) to develop part of a joint industrial zone near the Suez Canal. The company aims to invest US$500 million in the area and bring in US$2 billion in the near future.
Aimin added that 2016 would symbolize the start of friendship and strategic cooperation between China and Egypt in the new stage, stressing that Egypt is important partner for China and that his government would encourage more Chinese investments in Egypt.