By Zhang Min and Wang Yu
China Daily - 2016-06-28
As companies are embracing opportunities made possible by China's Belt and Road Initiative, a leading Tianjin firm is not lagging behind. The China-Egypt Suez Economic and Trade Cooperation Zone, whose construction by TEDA Investment Holding Co Ltd began in 2008, is poised to kick off its second phase of expansion, said Zhang Bingjun, chairman of the board of TEDA Holding. Zhang was speaking on the sidelines of the Summer Davos Forum in Tianjin. The zone is located at the south end of the Suez Canal and the west coast of the Red Sea, 120 km from Cairo. Both governments have also pointed out that the site is at the intersection of the Belt and Road Initiative's footprint and the New Suez Canal Economic Corridor. In January, President Xi Jinping and his Egyptian counterpart Abdel Fattah el-Sisi unveiled the nameplate of the second stage of the project at the zone. "After the second-phase expansion, the zone is expected to accommodate 200 enterprises, attract $3 billion in investment, and reach $10 billion in annual revenue," Zhang said.