English.news.cn - 2013-05-18
TIANJIN, May 18 (Xinhua) -- To boost investment in a
Sino-Egyptian joint industrial zone, three large Chinese companies will
start production there this year.
The three firms, Jushi Egypt Fiberglass Industry, XD High Voltage
Equipment Company and Muyang Egypt Industry, will bring a total
investment of more than 400 million U.S. dollars this year, said Liu
Aimin, general manager of China-Africa TEDA Investment Co, Ltd.
The China-Egypt Suez Economic and Trade Cooperation Zone, located
near the Suez Canal, attracted 49 companies with contracted investment
totaling 524 million U.S. dollars by the end of 2012.
"Despite the impact of social unrest in Egypt and the European debt
crisis, the zone's gross industrial output reached 55 million U.S.
dollars in 2012, up 20 percent year on year," said Liu.
By the end of 2012, a 1.34-square-km starting area had been fully
developed, creating more than 1,000 jobs for local workers and
generating more than 50 million U.S. dollars in taxes for the Egyptian
side over the past five years.
An agreement on another 6-square-km expansion area for the zone was
signed between the two sides in late April. The land will be developed
in three phases over a five-year period, with a total construction
investment of 500 million U.S. dollars.
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