Expansion of Sino-Egyptian economic zone to start soon

TIANJIN - Expansion of a Sino-Egyptian joint industrial zone, one of China's premier overseas investment zones, will start soon, a Chinese company in charge of construction said Wednesday.

The expansion project of the China-Egypt Suez Economic and Trade Cooperation Zone, with a total investment of 230 million US dollars, will start soon, said Zhang Yixiang, CEO of Egypt TEDA Special Economic Zone Development Company.

The expansion will cover an area of six square kilometers, with export-oriented manufacturing and modern warehouses and logistics as the focus of development, said Zhang.

The project is expected to be completed in 10 years, he said.

Living and service facilities will also be built to support the zone, he said.

The first phase of construction will cover two square kilometers, where a bonded logistics park, a high-end manufacturing zone, a business center and a recreation and entertainment center will be built, he said.

Guangzhou Dayun Motorcycle Co. Ltd. will be the first company to set up a plant in the zone, said Zhang.

The China-Egypt Suez Economic and Trade Cooperation Zone began construction in 2009.

An initial 1.34-square-km area has been developed, creating more than 2,000 jobs for local workers and generating 34.69 million US dollars in taxes for the Egyptian side, according to Liu Aimin, general manager of China-Africa TEDA Investment Co. Ltd., parent company of Egypt TEDA Special Economic Zone Development Company.