Egytian-Chinese cooperation progressing

Head of the General Authority For Economic Zone of North West Gulf of Suez Mohamed Refaat said on Wednesday that trade, economic and investment cooperation between Egypt and China is remarkably progressing.
The Suez economic zone, covering 20 kilometer area, was established on the model of the Chinese economic areas to lure investments of Chinese companies wishing to access European, Arab and African markets, he told a delegation of Egyptian and Chinese reporters.
Ain Sokhna port also serves as an outlet of the Suez economic zone exports to African, Gulf and European countries, he added.
"Now, we have 67 Chinese factories in the Suez economic zone at a total investment of 73 million dollars," he said.
He hoped that Chinese investors would pump investments in the underway giant projects in Egypt, like the Suez Canal Corridor and the one-million feddans reclamation project.
The current government is keen on improving investment climate and a new law governing investments is about to be enacted, he said.
He said the total investments in the Economic Zone North West Gulf of Suez hit 800 million dollars and cover the domains of auto assembling, transport, logistics, construction materials, ready-to-wear clothes and electric equipment.