Egypt and China’s primary joint platform, China-Egypt TEDA, has recently announced the signing of contracts amounting to $60 million for various projects in sectors such as textiles, auto assembly, and power transformers. The statement was released on Wednesday, shedding light on the platform’s continued efforts to foster bilateral economic cooperation.
One notable contract involves a partnership with a textile printing and dyeing company, which will oversee the development of a substantial 20,000 square meter project. With a contract value of $20 million, this venture aims to boost the textile industry in both countries.
Additionally, China-Egypt TEDA has secured a substantial $2 billion contract with Zaiyu, focusing on the production of automotive spare parts. Spanning an area of 20,000 square meters, this project is poised to contribute significantly to the growth of the automotive sector.
In another deal, China-Egypt TEDA has signed a contract valued at $3.2 million with Kang Dewei, further diversifying its investment portfolio. Additionally, the platform has established a contract with Aoxiu Textile Company, involving estimated investments of $25 million.
Highlighting the scale of China-Egypt TEDA’s investments, Waleid Gamal Eldien, the Head of the Suez Canal Economic Zone (SCZone), revealed that the platform’s overall investment in approximately 140 companies amounts to a staggering $1.6 billion. This figure underscores the significance and magnitude of the partnership between the two nations.
Established in 2018, China-Egypt TEDA serves as a pivotal joint platform, facilitating collaboration and cooperation between Egypt and China. By bridging the projects of China’s Belt and Road Initiative with Egypt’s development strategy for the Suez Canal Corridor Area Project, the platform aims to promote economic growth and forge stronger ties between the two nations.
