Egypt’s Suez Canal Economic Zone (SCZone) integrates with China’s Belt and Road Initiative (BRI) that seeks to interconnect and boost global trade, said the Egyptian Planning Minister in a statement on Tuesday.
“SCZone’s function is fully integrated with China’s BRI to reinforce the international trade movement,” Hala al-Saeed told a conference held by the SCZone and the Organisation for Economic Cooperation and Development.
The minister stressed that the SCZone will be an international logistic centre, describing it as one of the major development projects in Egypt and the world.
“It has a pivotal role in increasing economic growth rates and creating more job opportunities in Egypt,” she emphasised.
Chinese industrial developer Tianjin Economic-Technological Development Area (TEDA) is currently developing a total area of 7.23 square km in the SCZone in Ain Sokhna district of Suez province, east of the Egyptian capital Cairo.
Many tenants and enterprises were attracted to the SCZone, including China’s fiber glass giant manufacturer Jushi, which helped Egypt become one of the largest fiber glass producers and exporters in the world over the past couple of years.
Several other Chinese firms are currently working on development and infrastructure projects nationwide in Egypt in various fields, including energy and construction.