CAIRO, July 16 (Xinhua) -- Egypt and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest 100 million U.S. dollars in infrastructure to develop an additional 2.86 square kilometers at the Suez Canal Economic Zone (SCZone).
The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement.
The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometers in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometers, according to the statement.
The 100-million-U.S.-dollar infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone's goal of building integrated and sustainable industrial communities.
Madbouly stressed "the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region."
He said Egypt is working to strengthen partnerships with local and foreign private sectors to drive development and create jobs, praising the SCZone's achievements that have fueled developers' desire for further expansion.
Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone's most prominent industrial hubs, having attracted 185 companies and over 3 billion U.S. dollars in cumulative investment.
SCZone chairman Waleid Gamal Eldien said that the TEDA expansion "represents a new platform for localizing targeted industries within the zone and contributes to attracting more Chinese companies seeking access to regional and global markets."
He noted that the SCZone has attracted Chinese investments exceeding 4 billion U.S. dollars over the past three years, adding that "the mutual trust between both sides and their shared goals pave the way to double this figure in the coming period."
Cao Hui, executive director of Egypt-TEDA SEZone Development Company, told Xinhua that TEDA is committed to high-quality development in line with the Belt and Road Initiative and continues to advance the strategic upgrading of the TEDA zone.
TEDA plans to fully develop the expanded area within 2 to 3 years, focusing on attracting high-end manufacturing enterprises, including those in new energy, new materials, automobiles and spare parts, and fine chemicals, Cao added.
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