China’s TEDA to finish 2km in Suez Canal Economic Zone phase II late-2016

Egyptian Trade and Industry Minister Tarek Qabil met Wednesday with Wei Jianqing -CEO of China TEDA Investment Group- to discuss second phase of developing Suez Canal Economic Zone in Northwest Gulf of Suez.

The Chinese company is set to finish executing the infrastructure of 2 kilo meters out of the agreed upon 6 kilo meters before the end of 2016, the minister stated.

In 2013, TEDA signed a contract with Egypt’s General Authority for the Development of the Northwest Gulf of Suez (SE Zone) to develop a 6 kilo meters North West Suez Canal zone.

During the meeting, both sides showcased TEDA’s vision to attract more Chinese firms to pour their investments into the economic zone.

The meeting was attended by Egyptian Investment Minister Dalia Khorshid who highlighted the importance of attracting more Chinese investments to the zone since the current number of firms investing there is only 70.

The 70 firms are working in fields of oil, petrochemicals, communications, building materials, and automotives, Khorshid noted.

On other side, Qabil and Khorshid met with the General Manager of a Chinese firm working in export guarantee field in which they agreed that the latter is to study signing mutual cooperation agreement in the same field.

During the meeting, all parties showcased the working plan of the firm to cooperate with the Egyptian market to enhance and encourage injecting more Chinese investments.

Moreover, Qabil clarified that the cooperation in exports guarantee field would participate in raising intra-trade growth rates and joint investments between Egypt and China.