SCZone
During a meeting with the trade delegation from China's Zhejiang Province, SCZone Chairman Walid Gamal El-Din revealed these figures.
During a meeting of the authority's Board of Directors to discuss the financial and promotional positions for FY2023/2024 until the end of February 24, the chairman of SCZone, Walid Gamal El Din, made this announcement.
The factory will be responsible for designing, manufacturing, and installing grain storage silos, as well as their components and accessories.
The project will be implemented in partnership with French firms that will inject over €160 million.
The company will invest $146 million.
Among these, 13 projects received final approval, while 24 projects received initial approval.
The factory sets its sights on exporting 60 percent of its production, aligning with Egypt's ambitious target of achieving $100 billion in exports, as highlighted by SCZONE Chairman, Walid Gamal El-Din.
The partnership seeks to enhance joint coordination between the two entities across multiple sectors, including industry, agriculture, mining, tourism, and services within their respective economic zones.
One of the key points of discussion was the possibility of conducting trade transactions using the local currencies of both countries
During the meeting, El Menshawy explained that the Egyptian government has made great strides in the field of green hydrogen, whether in terms of creating the appropriate environment for investments or entering into partnerships with major international companies
This represents an increase of approximately 70 percent compared to the same period in 2022, where the revenue was LE 2.6 billion
The total investment amount will be divided into LE 1.2 billion and $195 million
The factory, covering an expansive area of 26,000 square meters, is expected to create approximately 300 job opportunities
In a televised statement concluding his tour of the SCZone in Ain Sokhna, Madbouly highlighted its transformation into a trade hub with a focus on local industry
This reflects the zone’s dedication to promoting stronger cooperation with China, which includes the TEDA Cooperation Zone, Abdel-Khalek noted
Prior to the framework agreement, exhaustive technical and financial feasibility studies will be conducted to ensure the viability and success of the complex.
The agreement was signed by Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, and Khaled Hamza, Director of the European Bank for Reconstruction and Development office in Egypt.
During the tour, the chairman engaged in 12 meetings with various companies and conducted on-site visits to prominent factories and businesses in four cities: Hangzhou, Suzhou, Hefei, and Beijing
During the meeting, the two sides also discussed cooperation in green energy projects, and supporting small and emerging projects
Foreign Minister Sameh Shoukry said Egypt seeks to scale up the volume of New Zealand's investments, particularly in the Suez Canal Economic Zone (SCZone), taking into account legislative incentives and positive developments in the investment environment in Egypt.
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