Arab Finance: Egypt is mulling over cooperation with a Chinese group to establish an integrated industrial complex in the Suez Canal Economic Zone (SCZONE), with planned investments of $2 billion, as per a statement.

Hussein Eissa, Deputy Prime Minister for Economic Affairs, discussed the proposed project during a meeting with a senior delegation from the Chinese group at the government headquarters in New Alamein.

The planned complex is expected to create more than 3,000 jobs. The investment would also help meet domestic demand and increase exports to international markets, according to the Chinese delegation.

Eissa said attracting and supporting foreign investment remains a priority for the Egyptian government as part of its efforts to advance comprehensive and sustainable economic development.

He added that the government is working to address obstacles facing investors and provide incentives and facilities that improve the competitiveness of Egypt’s investment environment.

Moreover, he called for the proposed complex to support the transfer of expertise and modern technology to Egypt. He also stressed the importance of using clean energy to operate the project, in line with sustainability and green manufacturing objectives and the country’s efforts to become a regional center for renewable energy industries.

The government will support the group’s planned investments and strengthen coordination among the ministries and other entities involved in the project, Eissa pointed out.

The Chinese delegation said the group is seeking to expand its operations in the Egyptian market, citing the country’s geographic location linking major international markets and the infrastructure development undertaken in recent years.

The delegation added that the proposed complex would serve the local market while increasing shipments to overseas markets, supporting Egypt’s role as a regional manufacturing and export platform.