Chairman of the Suez Canal Authority Mohab Mamish signed three contracts with Specialized Chinese companies in the fields of textile, plasterboard industry, non-woven products industry and modern raw materials with investments that exceed $1 billion, according to Mamish.
This came during the visit of President Abdel Fatah al-Sisi to China to participate in the FOCAC Beijing Summit 2018, the sixth conference of Chinese and African entrepreneurs.
Mamish clarified in an official statement that these companies will invest in the industrial zone "TEDA Egypt" in Ain el-Sokhna.
The TEDA-Suez zone is an Egyptian-Chinese industrial zone in Ain Sokhna, planned to span over 7.34 kilometers square, with the first phase already completed.
The first contract was signed with Shandong Ruyi Spinning & Weaving Co. which intends to pump investments worth $830 million to establish a textile industrial zone in the Suez Cana industrial zone, providing more than 10,000 job opportunities.
Mamish clarified that the volume of sales is expected to reach $600 million annually.
The second contract came with Taishan Gypsum Board Co., Ltd to establish a factory to produce gypsum boards in the economic zone of the channel in Egypt with investments of $125 million, providing about 300 jobs.
The third one was signed with Xiamen Yan Jiang Co. for non-woven products and modern materials to establish a project for the production and supply of non-woven products in the economic zone of the canal with a total investment of about $50 million, providing about 300 jobs.
The total investments of these contracts exceed $1 billion and provide 10,600 direct job opportunities.
The number of projects at Suez Canal exceeds 109, which is a strong start to attract foreign investments to Egypt because of its distinctive location and infrastructure and advanced investment laws and incentives for investors.
It also encourages investors from around the world to invest in the economic zone of the Canal, which will contribute to advancing the Egyptian national economy.
The net profit of the Suez Canal Economic Zone (SCZone) increased 64 percent in 2017/2018, recording LE 2.13 billion, compared to LE 1.3 billion in 2016/2017.