Sunday, March 1, 2015

China Exclusive: Sino-Egyptian economic zone attracts more investment - 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.