Egypt signs agreements worth nearly $1.15 billion with three Chinese enterprises to build factories in the Suez Canal Economic Zone.

The Egyptian government issued a statement on December 23rd, stating that a signing ceremony for three large industrial projects was held at the Ain Sokhna Industrial Zone on that day. The Egyptian Industrial Development Authority signed contracts with Xin Fengming, Chaoyang Langma Tire, and Tongling Jiaya Biotechnology Co., Ltd., with a total investment of approximately 1.15 billion US dollars. Walid Jamaeldin, chairman of the Suez Canal Economic Zone Authority, stated that the first contract involves the construction of a polyester fiber and polymer integrated industrial park with an investment of over 800 million US dollars. The project will be constructed in three phases with an annual total production capacity of up to 1.08 million tons, and is expected to create about 3,000 direct jobs. The second contract involves the construction of a comprehensive industrial park for the production of heavy-duty truck tires and passenger vehicle tires, with an estimated investment of 190 million US dollars, creating about 1,400 direct jobs. The third contract involves the construction of a sanitary products production industrial park with an estimated investment of 160 million US dollars, creating about 1,000 direct jobs.