Chinese investments account for 40% of total investments in SCZone since January 2024



Wed, 17 Apr 2024 - 06:00 GMT


Wed, 17 Apr 2024 - 06:00 GMT

CAIRO - 17 April 2024: Since January 2024, the Suez Canal Economic Zone (SCZONE) has secured approximately $894 million in investments. Chinese investments make up 40 percent of this total.

During a meeting with the trade delegation from China's Zhejiang Province, SCZone Chairman Walid Gamal El-Din revealed these figures.

The meeting took place in anticipation of El-Din's participation in the China-Egypt Zhejiang Economic Forum, scheduled for April 18 in Cairo.

The objective of the forum is to review the progress of existing projects and explore further collaborations with Chinese companies.

China’s Zhejiang Province has invested around $1.132 billion in Egypt, with interests spanning textiles, oil, gas, and plastic products, according to a statement by Chen Zhicheng, Deputy Director General of the Department of Commerce of Zhejiang Province.

El-Din emphasized that the SCZone can support Chinese investments by integrating six seaports along the Red Sea and the Mediterranean Sea and four industrial zones equipped with state-of-the-art infrastructure conforming to international standards.

In a previous disclosure made in March, El-Din shared that the SCZone had a total of 127 projects under contract, amounting to an investment of approximately $2.8 billion. This figure covers the period between July 2023 and March 2024.

Among these projects, 61 received final approvals and had a foreign investment share of 49 percent. Additionally, initial approvals were granted to 66 projects, with a foreign investment rate of 39 percent.




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