Chinese investments are just over $5 billion but the Egyptian government is targeting double these numbers in 2016. Bilateral contracts are expected to be signed during Chinese president's visit to Cairo. [Special Coverage] CCTV looks at TEDA, one Chinese company that has recently been investing in the new suez canal project.
Egypt is trying to encourage more Chinese investments here. Investments would strengthen the ailing foreign currency reserves, increase employment opportunities and raise national income. The new Suez canal project inaugurated last August, has been designed to attract such investments. And TEDA is one Chinese company that is constructing a Chinese industrial zone in the Suez area.
The first phase is operational. TEDA attracted 33 Chinese factories with investments worth $1 billion. These companies have exported $200 million worth of products in their first 6 months. They are employing 2,000 workers in several industries.
Suez canal is attractive for businesses because it links, Asia with Africa and Europe.
Chinese factories would find it cheaper and more profitable to stock, produce or assemble their products here, then transport it to Africa, Europe and even the US, from the Suez canal.
There is a lot of potential to invest in Egypt . Officials here hope the visit of Chinese president Xi Jinping would encourage an inflow of investments that would help push the Egyptian economy forward.
