Prime Minister of Egypt presided over the signing of significant agreements within the Suez Canal Economic Zone (SCZONE) during the Belt and Road Forum for International Cooperation's third edition. These agreements, inked with Chinese industrial developer TEDA - Egypt, aim to foster investment and development in the Sokhna Industrial Zone. Among these agreements, a letter of intent outlined plans for a new 3 square kilometer industrial zone in Sokhna, enhancing the existing TEDA region that has already attracted over $2 billion in investments. Additionally, several framework agreements, totaling $755 million in investments, were signed, including an expansion project by Xinxing Cast Iron Pipe Industries Co. and a project for float glass and rolled glass production in the Sokhna Integrated Industrial Zone. Furthermore, a framework agreement was established for an industrial complex project for bromine production and deep processing, utilizing local seawater resources.
These agreements mark a substantial collaboration between Egypt and China, reinforcing their commitment to the Belt and Road Initiative's objectives of heightened connectivity and economic cooperation. The projects encompass a range of industries, from iron pipe manufacturing to glass production and bromine processing, with a significant focus on export opportunities and job creation, contributing to the economic development and growth of the Sokhna Industrial Zone.