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Video: Chinese investment boosts Suez Canal Economic Zone

Video: Chinese investment boosts Suez Canal Economic Zone

The Suez Canal Economic Zone is attracting more foreign investment and businesses are flourishing two years after it was created.

China is one of its largest investors and it's hoped the 'Special Economic Zone' will boost Egypt's share in international trade.

STORYLINE:

This graphic display is from the Tianjin Economic-Technological Development Area or TEDA, state-sponsored by the Chinese.
They have already attracted large multinationals like Toyota and Samsung, but today they are setting out their plans for further development into Egypt.

TEDA is one of the biggest companies currently operating in the Suez Canal Economic Zone, which was created in 2015 to attract investment, businesses and revitalise economic activity in Egypt.

China is one of the largest foreign investors in the Suez Canal Zone. 86 Chinese companies have investments totalling more than 1.1 billion US Dollars in the area.

TEDA's investment attraction supervisor Ahmed Abu-Elhamd explains the breadth of their plans:

"TEDA want to make the new modernised industrial city, we provide the investment service centres that we are already in now. You are going to find all the services that the investor is going to need. We have here Suez Canal bank, we have insurance company, we have all the custom clearance companies that the investor needs."

Years of unrest following the overthrowing of President Hosni Mubarak in 2011 left Egypt's economy in shambles.

The 'New Suez Canal' as it was called was opened in August 2015 by Egypt's new president, Abdel Fatah el-Sissi, in the hope of reviving the nation's economic fortunes.

Chairman of Egypt's General Authority for the Suez Canal Economic Zone, Ahmed Darwish, says that the ultimate goal of the zone is to offer a "conducive environment" for medium and light industries and logistics services, revitalise economic activity in the region and create job opportunities. It also aims to increase Egypt's share in international trade and increase exports along the Suez canal corridor.

Jushi, the largest manufacturer of fibreglass in the world, is another Chinese company which is flourishing in the Suez Canal Economic Zone.

Deputy General Manager Karim el-Kholy explains how Jushi Egypt alone "produces around 160 thousands tonnes of fibreglass per year and it exports around 95 per cent of its all final production."

Success stories such as these suggest investment in the Suez Canal is paying off and could well be the route to a brighter financial future for Egypt.

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