The economic and commercial counsellor at the Chinese Embassy in Egypt, Han Bing, said that the Suez Canal Economic Zone (SCZone) enjoys the best investment incentives, especially after the issuance of the new Investment Law, which offers great conditions for investors.
Bing told Daily News Egypt that many Chinese firms visit Egypt to discuss the market’s opportunities and pay great attention to the SCZone, since Egypt is geographically located in a very good area on the One Belt One Road Initiative.
Bing noted that a large Chinese textile company will build a factory at TEDA Investment Holding Co for expansions, adding, “TEDA investment company signed a few contracts with investors for the second phase of the expansions and maybe by next year we will have a clear picture about the area for new investments.”
In April, chairperson of China-Africa TEDA Investment Company, Liu Aimin, expected that the SCZone’s Chinese industrial zone will attract investments worth $3bn, after the completion of the second phase of the industrial zone northwest of the Gulf of Suez, according to media reports.
Meanwhile, Bing said that new members of the Chinese Chamber of Commerce in Egypt are remarkably increasing, adding, “in May 2014 when I first came to Egypt, the Chinese chamber included only 30 members, but now they are about 120 members, which are very good results.”
Bing mentioned that the chamber of commerce hosts important investors’ gatherings, where many Chinese and Egyptian businesspersons share their views, noting, “20 new members joined the chamber this year only.”