Sino-Egypt TEDA revitalizing Suez Canal Corridor


Tianjin, August 25: Sino-Egypt TEDA Suez Economic and Trade Cooperation have been playing a vital helping hand in terms of mutual investment under the umbrella of One Belt One Road (OBOR) initiative, learned South Asian and South East journalists visiting the cooperation zone .
Zhang Yixiang, CEO of Egypt TEDA Special Economic Zone Development Company, told media men that Tianjin TEDA investment Holding Co.;Ltd was established in December 1984, with the registered capital of 10 billion Yuan, the total assets of RMB 306.7 billion Yuan and the main business income in 2016 of 73.8 billion Yuan.
He told that, its main business scope include the regional development and real estate , public utilities, finance and modern service industry.
It owns 25 wholly-owned subsidiaries including TEDA Group and TEDA construction, 17 holding companies like North Trust and China-Africa TEDA as well as 27 joint stock companies including TEDA development and BSD-TEDA.
In recent years, the company’s main economic indicators rise year by year, listed no 252 among the top 500 Chinese enterprises and number 9 among Tianjin top 100 enterprises.
He said that Sino-Egypt development fund is one of the “Eight Measures” for China-Africa practical cooperation announced by the Chinese investment at the Beijing summit of the forum on China-Africa cooperation in November 2006.
It is a special fund to support Chinese enterprises to carry out the cooperation with Africa and open up the African market.
TEDA cooperation zone phase 1 occupies an area of 1.34 square kilometers, with the total investment of 105 million USD in development and construction, which has been fully developed with all land sold out.
He briefed that the park has complete facilities, with Chinese small business incubator containing 12 standard factory buildings, the integrated supporting service center has been built including investment services building.
At the end of 2016, the asset value of phase 1 of TEDA cooperation zone was 153 million USD while 70 enterprises have been attracted including 32 manufacturing enterprises such as Jushi group, Muyang group, XD-Egemac Group and other large projects.
It was also told that the attracted contracted investment amount was nearly 1 billion USD while annual sales of 180 million USD were achieved.
Import and export volume was 290 million USD while 780 million Egyptian pounds were turned to the Egyptian government as the tax revenue and nearly 3,000 people were employed.
With an expected total investment of 230 million USD , the 6 KM quare project at phase II of TEDA cooperation zone plans to attract about 150-180 enterprises , with the estimated attarted investment amount as high as 2 billion USD, realize sales of 8-10 bullion USD and to provide about 40,000 employment opportunities.
At present, 45 million USD has been invested in this project and 2 KM square road and municipal infrastructure projects have been completed in the first quarter of 2017.