Chinese Factory for Electronics to Be Established in Ain Sokhna

Near the Suez Canal Economic Zone (SCZone) in Ain Sokhna, Egypt, Chinese Media Group Corp for electronics has set, last Friday, the foundation stone to establish a factory with investments of $ 25 million within the China-Egypt TEDA Suez Economic and Trade Cooperation Zone

Near the Suez Canal Economic Zone (SCZone) in Ain Sokhna, Egypt, China's Midea Group for electronics has set the foundation stone for the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.

The SCZone stated on Friday that the new $25 million investment initiative will produce up to 500 direct job opportunities. It is expected to be completed in 2022.

During the foundation stone laying ceremony, Mohamed Shaaban, vice president of the SCZone for the southern sector, said the Egyptian-Chinese historic relations are seeing a tangible development, citing Chinese companies' participation in mega projects being implemented in the New Administrative Capital.

Because of its more than 50 years of experience and presence in more than 150 countries around the world, China's Midea Group is considered one of the country's largest 500 firms.