Mon, 27 Jun 2022

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China's giant industrial developer TEDA launches new projects on logistic services and used-car import in Egypt's Suez Canal Economic Zone.

SUEZ, Egypt, Jan. 26 (Xinhua) -- Chinese giant industrial developer TEDA celebrated on Tuesday the successful launch of new projects on logistic services and used-car import in China-Egypt TEDA Suez Economic and Trade Cooperation Zone in northeastern Egypt.

The celebration witnessed the signing of a host of cooperative agreements between TEDA and local enterprises in logistic services, and import, storage and resell of used-cars for handicapped people.

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Song Caicen, executive director of TEDA companies in Egypt, said that the new logistic projects and the used-car project are established in parts of the expansion area of six square kilometers, that is currently being developed by TEDA in the Suez Canal Economic Zone (SCZone).

She noted that TEDA started in Egypt with a developing area of 1.34 square kilometers, on which big enterprises such as the branch of China's giant fiberglass manufacturer Jushi in Egypt is situated. That is TEDA's first phase. The newly "expansion area" of six square kilometers is the second phase.

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"We think our zone is not just industrial, we would like to add some commercial and logistic projects to make our zone full of diversified businesses," Song told Xinhua, referring to the new projects of TEDA-Royal Bonded Warehouse for service and storage of empty containers and TEDA's most recent project of import and storage of used-cars for handicapped people.

Since its start of operation over a decade ago, the TEDA Cooperation Zone has attracted 120 enterprises with actual investments of nearly 1.2 billion U.S. dollars, accumulated sales of about 3 billion dollars and tax payment of 190 million dollars, as well as providing some 4,000 direct jobs.

Song stressed that TEDA zone is a model of cooperation between China and Egypt under the Belt and Road Initiative for common development and win-win partnerships, adding that the support of both the Chinese and Egyptian leadership is behind the success of TEDA Egypt.

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Mostafa Metwally, manager of commercial investment promotion at TEDA Egypt, said that the project launched by TEDA to import, store and resell used cars for handicapped people is a start-up to promote the business among TEDA clients and prospective investors.

He explained that TEDA in 2021 imported 316 used vehicles, mostly from South Korea and a few from China, and sold 247 cars of them to customers with special needs.

"The relation between SCZone and TEDA is a relation of success. We always meet and hold dialogues and discussions on the development of the zone," said Mohamed Shabaan, vice-chairman of the SCZone.

He noted that TEDA has achieved "very large successes," and it continues to attract investors to the SCZone.

"We will continue our cooperation with TEDA for more successes which will bring all benefits to the company, the SCZone and the two countries," the Egyptian official told Xinhua.

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