Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

SCZone Chairman Meets with Delegation of Chinese Companies during Promotional Tour to China

Wed 24 May 2023 | 02:51 AM
Taarek Refaat

Within the framework of the Suez Canal Economic Zone (SCZone) delegation's promotional tour to the Chinese capital, Beijing, Waleid Gamal El-Dein, Chairman of SCZone met with Assem Hanafi, Ambassador of the Arab Republic of Egypt to China, who organized the Egyptian-Chinese Investment Forum to promote investment opportunities for the economic zone and introduce them to Chinese companies and the business community. 

At the beginning of his meetings, the head of the economic zone met with representatives of the Communist Party and China's Huandong and Hainan provinces. The meeting touched on the general investment climate in Egypt, which has created a good investment environment, especially SCZONE, which provides investors with direct and indirect incentives and is the starting point for investment towards the local market and various global markets based on international trade agreements and a huge national road network.

These meetings came through the investment forum held at the Egyptian embassy to converge economic visions between the two sides. Several officials from the Chinese Ministry of Commerce, the Ministry of Foreign Affairs, the China Trade Promotion Council, and representatives of more than 60 Chinese enterprises in various industrial sectors attended. The meetings included companies manufacturing medical equipment and devices, engineering and food industries, textiles, green fuels, and manufacturing machines for production lines.

Gamal El-Dien reviewed its most prominent features which include 4 industrial zones qualified to host various types of industries. In addition to 6 seaports on the Red Sea and the Mediterranean, many development works are now underway to raise their efficiency, in addition to launching bunkering services within days in preparation for bunkering ships with green fuel in the future. 

The presentation of the Chairman was in Chinese, which was well received by the audience and demonstrated the depth of communication and cooperation between the two sides. The company officials expressed their admiration for the presentation in this way, which contributes to the delivery of the message accurately and clearly to the investor.

“Looking forward to further cooperation with Chinese investments. The sectors targeted for localization include 21 sectors that represent many points of convergence with Chinese investments, especially since SCZONE has an important success experience with TEDA – Egypt. The TEDA area is home to more than 137 companies, including Jushi Factory, the fourth largest factory in the world in the production of fiberglass, and many factories of textiles, electrical appliances, and others. SCZONE offers investment incentives and benefits to investors in the zone. It owns a number of ongoing projects, especially Chinese ones.” Said SCZONE’S Chairman

Among the most prominent attendees was Mr. Yang Song, Vice President of the China Economic Cooperation Center for International Management of the Communist Party of China Central Committee, who said: "Egyptian-Chinese relations are strong, especially the economic and trade and successful Chinese investments in Egypt. We also look forward to further cooperation with Egypt, especially Chinese investments within the economic zone."

Following the conclusion of the forum, there were many bilateral meetings and meetings with companies that expressed their interest in investing in SCZONE. These include representatives of Sinoma Engineering Company, which specializes in the manufacture of equipment, machinery, and production lines. The company is preparing to establish a factory within SCZONE, where it is cooperating with the Jushi factory to use fiberglass in the manufacture of turbine blades.

It is worth mentioning that today witnesses the first work of the delegation during their visit to the Republic of China. This will be followed by a visit to Hong Kong as part of SCZONE's promotional efforts in the recent period to discuss more ways of international economic cooperation within the zone's strategy for 2020-2025.