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10 Things You Need to Know About New Chinese Investments in SCZone

What deals were signed between Egypt and China? The latter is coming up as a grand investor in the SCZone area with multiple projects, here's why.
Egypt Business Directory | 29.05.2023
© Egypt Business Directory
 

  1. Chinese companies have signed deals worth $487 million in the energy sector within Egypt's Suez Canal Economic Zone (SCZone). The companies are interested in the development of the area and its potential.

  2. The agreements cover different projects, including the construction of a power plant, and a factory for solar panels among others. The goal is to boost the infrastructure of Egypt and its energy capabilities, especially in renewable forms.

  3. The Chinese investments in the SCZone are part of bigger cooperation plans between China and Egypt. The SCZone is a strategic location for Chinese companies to expand their business and access easily the African and European markets.

  4. The investments will lead to job creation in the SCZone for the local population. This aligns with Egypt's goals of economic growth and increasing employment rates.

  5. Chinese investments in the SCZone are also about transferring Chinese technology and knowledge and sharing them with Egypt. They bring advanced expertise and technologies to support development and growth in Egypt.

  6. These projects will also help diversify Egypt's energy sources and limit the dependency on fossil fuels and limit carbon emissions to help Egypt fulfill its COP27 commitments.

  7. The SCZone offers established administrative processes and a business-friendly environment to investors. These measures were put in place to attract more investments in the zone.

  8. This move will also boost the trade relations between the two countries. The SCZone acts as a hub for logistics, manufacturing, and trade, boosting increased commercial activities between the two countries, and Egypt's position as a hub between different continents.

  9. The Egyptian government is working hard on attracting foreign investments, to support the development of the SCZone. Egypt announced many times and took important steps to make itself a highly attractive destination for investors.

  10. The Chinese investments in the SCZone mean that China understands Egypt's strategic importance. The 2 countries are interested in boosting their ties and each other's development goals.

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