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Chinese-invested Suez Economic and Trade Cooperation zone attracts 80 enterprises to settle down
February 15, 2019
Abstract : Promoted by the Belt and Road Initiative, the Chinese-invested in Egypt's Suez Economic and Trade Cooperation zone has already attracted over 80 enterprises to settle down.
BEIJING, Feb. 15 (Xinhua) -- Promoted by the Belt and Road Initiative, the Chinese-invested Suez Economic and Trade Cooperation Zone in Egypt has already attracted over 80 enterprises to settle down.
The zone is operated by a joint venture established by Tianjin Teda and China-Africa Development Fund. Located 120 kilometers away from the capital Cairo, it is a state-level overseas economic and trade cooperation zone approved by Chinese government. The zone started its construction in 2008 and is divided into a 1.34 square-kilometer-start-up area and 6 square-kilometer-expansion area.
For now, the start-up area has completed its investment attraction, with 77 enterprises settling down and investment totalling 1 billion yuan. Besides, the zone has created over 3,500 jobs for local people, which has met the initial expectations of the two governments.
Except for infrastructure construction, the zone has paid attention to refined operations and improving business environment. The zone has set up a service group to provide professional services to enterprises in policies interpretation, recruitment, equipment procurement and other work in zone.
Now, the zone is working on formation of industry cluster in competitive industries such as oil equipment, machine building and textile and garment industry.
(Edited by Bao Nuomin, [email protected])
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