A Chinese steel company is negotiating with the Suez Canal Economic Zone (SCZone) on licensing incentives to invest about $1bn in the Ain Sokhna area, Han Bing, minister counsellor for economic affairs at the Chinese embassy in Cairo, told Daily News Egypt.
“The Chinese company aims at building a steel industrial park that will produce very high-quality steel products that aren’t produced in Egypt now,” Bing added, noting that the parks’ land is about 2sqkm.
When implemented, the three-phase project will offer 6,000 job opportunities in the Egyptian market, Bing mentioned, explaining that one Chinese company is leading the negotiations while the park may include about three big investors.
Additionally, Bing said that about 10 textile industry factories will be opened in Sadat City in August, noting, “We expect the first phase factories will be opened next month. We hope that by end of the year, there will be more factories opened.”
The first phase factories are constructed by the Egyptian side while the second phase will be constructed by the Chinese side, he explained, noting that President Abdel Fattah Al-Sisi pays great attention to the project, asking for the project to be developed quicker.
Bing mentioned that China will build a leather industrial park in Egypt, noting “The leather park’s location isn’t precise yet. It may be near Robiki Leather City or another location. The Chinese project will use the leather from Robiki to manufacture it.”
The land area of the Chinese leather industrial park is about one sqkm, he further clarified.
Additionally, the trade exchange between Egypt and China recorded $5.42bn in the first five months of 2019, he said, adding that China exported $4.68bn and imported $0.56bn from Egypt from January to the end of May 2019.