Cairo – Mubasher: Egyptian and Chinese companies have signed 14 agreements to launch various projects in Egypt.
The agreements were signed during the Egypt-China Cooperation and Exchange Conference in the Chinese province of Zhejiang, according to an official statement.
The event was attended by a host of high-ranking trade officials from Egypt, along with representatives from major Egyptian companies.
The industrial developer Teda-Egypt signed an agreement with China’s Xin Feng Ming Holding to launch a project to produce glass fibre and polyester with $800 million in investments.
The project will be built on 600,000 square meters within the scope of the Teda-Egypt industrial developer in the Sokhna Integrated Industrial Zone.
It is expected to have an annual production capacity of one million tonnes, including 300,000 tonnes in the first phase. Production is scheduled to start in 2026.
Teda-Egypt signed another agreement with Zhejiang Energy International Company to build an energy supply centre.
The centre is planned to include a secondary plant with a capacity of 400 megawatts (MW)/220 kilovolts (kV), a gas-powered electricity plant with a capacity of 200 MW, and a photovoltaic plant with a capacity of 200 MW.
The total value of investments at the Teda-Egypt has reached $2 billion, revealed Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone (SCZONE).
Gamal El-Din added that the SCZONE attracted 128 projects in the industrial zones and ports between July 2023 and March 2024.
It is worth highlighting that SCZONE reported revenues of EGP 6.06 billion in fiscal year (FY) 2022/2023, a 78% annual surge from EGP 3.49 billion.
