The agreements included several projects to be built in the Sokhna industrial zone, including a power plant with investments of $265 million with Hyder Group, according to the statement.
The same company also signed an agreement for a modern coke-based materials production project, with total investments of $100 million.
The agreements signed by TEDA-Egypt, the developer of the Sokhna industrial zone, also included an agreement with a subsidiary of the Golden Spring Group to establish a project for textile industries with investments of 12 million dollars.
TEDA-Egypt has also signed an agreement with Shandong Tianyi, which operates in the field of petrochemicals and bromine production, to establish a project with investments of 110 million dollars, with a production capacity of 140,000 tons of bromine, with an expected return of $600 million and the provision of 700 direct employment opportunities, according to the statement.
Shandong Tianyi will also establish another caustic soda production project with an investment cost of 200 million dollars in an area of 300,000 square meters, to produce 500,000 tons of raw salt, 300,000 tons of soda ash, 270,000 tons of chlorine and 7.5 thousand tons of hydrogen per year, with annual revenues of 160 million dollars and the creation of 420 job opportunities.
The Suez Canal Economic Zone Authority reported that an agreement has also been signed with the Chint Global Center to provide services and training in the field of energy projects, as well as an agreement with the Zihejiang Center for Commercial and Economic Services with the aim of supporting cooperation in the fields of training between the industrial developer TEDA-Egypt and its companies in the industrial and commercial investment sectors.
It should be noted that the signing of the agreements took place on the sidelines of the participation of the delegation of the General Authority of the Suez Canal Economic Zone in the Conference of Partners of the “Belt and Road” Initiative, organized by TEDA-Egypt in Hangzhou, in the presence of senior officials from the city of Tianjin and officials of trade, economy and foreign relations of the city, in the presence of 270 representatives of more than 50 Chinese multi-industrial enterprises, as well as some heads of economic zones in Chinese provinces and cities.
Through this conference, TEDA-Egypt aims to promote its expanding industrial zone of Sokhna, which amounts to 6 km2 out of a total of 7.4 km2, as well as to promote investment opportunities in the economic zone to Chinese enterprises and to attract more investment, in addition to documenting the importance of cooperation with the Suez Canal Economic Zone in Egypt as an economic ally that is of great importance to me are Chinese investments.
During his speech at the forum, Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone, stressed the importance of the location of the economic zone at the heart of the Belt and Road Initiative. This calls for a permanent strategic partnership between the two parties.
He said the region has prepared the industrial zones to accommodate various industries and is also about to complete the work of developing and improving port efficiency to serve the international trade movement.
Read the Latest World News Today on The Eastern Herald.
Copyright © 2023 The Eastern Herald.
For the latest updates and news follow The Eastern Herald on Google News, Instagram, Facebook, and Twitter.
Help us continue our mission to deliver the latest news and stories by becoming a supporter of our newspaper. Your support will help us to continue to provide high-quality journalism and to ensure that our content remains free and accessible to all. Click here to show your support. Thank you!