China, Egypt ink deals near Suez

CNC report from Egypt
Added On April 28, 2013

The Egyptian government has signed an investment agreement with Chinese TEDA corporation to develop part of a joint industrial zone near the Suez Canal.

Under the 45-year contract, investment projects will be established in an area of six square kilometers in the China-Egypt Suez Economic and Trade Cooperation Zone.

TEDA Chairman Liu Aimin says his company has already poured 600 million U.S. dollars into 38 projects here.

...And he aims to invest 500 million dollars and bring in two billion dollars in the near future.

"The Suez Economic and Trade Cooperation Zone is an achievement of strategic cooperation between the two countries. It embodies good wishes from both sides. We'll work hard to turn it into a modern international industrial zone."

The signing ceremony was attended by Egyptian Prime Minister Hesham Qandil, Chinese Ambassador to Egypt Song Aiguo, and other Egyptian and Chinese officials.

Song hailed the Chinese projects in Suez as a symbol of Sino-Egypt friendship.

SOUNDBITE (CHINESE) SONG AIGUO, Chinese Ambassador to Egypt:
"The two countries have attached great importance to bilateral political and economic ties. Investment is a vital part in trade cooperation. The Suez industrial zone is a landmark project in China's overseas investment."

Qandil stressed the Chinese investment in Suez represents "part of Cairo's dream to turn Suez from a mere passage for sea traffic to an investment zone."

Earlier on Saturday, Qandil made a tour within the trade cooperation zone, laid the foundation stone of a medium-sized enterprise, and inaugurated an investor service center.