Project boosting high quality BRI cooperation

CAIRO — Located some 50 kilometers south of the Suez Canal, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, or TEDA, has given a once barren desert a fresh look, emerging as a flagship project connecting China’s Belt and Road Initiative and Egypt’s Suez Canal Corridor.

Built in 2008, the cooperation zone has attracted more than 160 companies spanning a range of sectors including new building materials, petroleum equipment, high and low-voltage gear and machinery manufacturing, creating jobs for more than 70,000 locals.

“Since the beginning of this year, up to 60 business delegations have visited TEDA,” said Wei Jianqing, deputy general manager of ChinaAfrica TEDA Investment, the developer of the cooperation zone.

With the advancement of the joint construction of the BRI, more and more Chinese manufacturing enterprises are going overseas and the cooperation zone provides a platform for these enterprises to invest and expand their businesses, he added.

“In the first half of this year, the commercial sector of TEDA has ushered in a number of major projects, and the momentum of investment is encouraging,” Xu Qifeng, executive director of Egypt-TEDA Investment Company, which is responsible for the operation of the zone, told Xinhua.

In late March, China’s Xinxing Ductile Iron Pipes signed a land lease contract with TEDA, bringing in a project that produces 250,000 metric tons of ductile iron pipe annually, said Ma Ye, head of the Egypt project of Xinxing Ductile Iron Pipes.

With an investment of approximately $145 million, the project is expected to generate nearly $200 million in foreign exchange earnings for Egypt annually and create more than 500 job opportunities for locals, Ma added.

“The successful landing of the project is significant to promote the industrialization of Egypt and further strengthen the regional economy, promote industrial restructuring and accelerate the industrialization process,” Waleid Gamal El-Dein, chairman for the General Authority of Suez Canal Economic Zone, said at the groundbreaking ceremony of the project’s plant.

Strong desire

“Egypt has a strong desire for new energy, new materials and environmental protection industries,” said Qu Defu, chairman of TEDA Investment Holdings.

TEDA has cultivated many local talented workers for Egypt during its development.

The company provides practical training and opportunities to study in China in order to improve the competencies of local employees and management, said Ahmed Radwan, who joined TEDA in 2008.

While helping enterprises in TEDA to increase production, the cooperation zone has also diversified its services and consultancy offerings, sharing the successful practices of China’s economic and trade zones with other firms and industrial parks, Xu said, adding that TEDA aims to inject more impetus into high-quality BRI cooperation.