SCZONE attracts $894m in investments, 40% from China in 3 months

By Aya El Sayed On Apr 17, 2024

Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), Mr. Chen Zhicheng, Deputy Director General of Department of Commerce of Zhejiang Province.

The General Authority of Suez Canal Economic Zone (SCZONE) has successfully attracted about $894 million in investments since January 2024, with Chinese investments accounting for 40 per cent, according to chairman Waleid Gamal El-Dien, as stated by the Egyptian Cabinet.

He highlighted the potential for future cooperation in energy production, automotive industries, and other sectors. SCZONE’s support for these investments is bolstered by its integration of six seaports and four industrial zones, along with access to various global markets through free trade agreements.

Meanwhile, Chen Zhicheng, Deputy Director-General of Department of Commerce of Zhejiang Province, commended the strong economic ties between China and Egypt, with Zhejiang Province having “investments in Egypt amounting to $1.132 billion, including the fields of textiles, oil, gas, and plastic products.”

He expressed anticipation for more investment opportunities following the SCZONE delegation’s upcoming visit to Zhejiang on Thursday.