Qandil: Egyptian-Chinese Agreement Real Beginning for Gulf of Suez Development

In a speech Saturday to mark the signing of an Egyptian – Chinese agreement for the overhaul of the northwest Gulf of Suez, Hisham Qandil, Egypt’s Prime Minister, said: "This agreement is the real start of significant development of this area, which is part of the Egyptian dream for the rejuvenation of the Suez Canal Corridor.

"Since taking office, the Egyptian government has been working on this project, to transform the Suez Canal from a mere waterway to a huge national project."

Qandil added: "We are preparing a comprehensive development plan for the area, so the Suez region is not only an industrial, logistical or service zone, but also includes an integrated tourism project and residential areas. Moreover, this agreement will provide hundreds of thousands of direct job opportunities and millions of indirect ones.

"In fact, the first phase alone will provide about 700 thousand jobs and billions of dollars’ worth of investment, which means huge revenues to the Egyptian treasury. The foundation stone of some small and medium-sized projects for youth have already been laid, in order to achieve social justice."

For his part, Major General Ibrahim Abdel-Salam, Chairman of the General Authority for Economic Zone in the northwest of the Suez Canal, announced the signing of the investment agreement with the Chinese TEDA corporation for the development of an area of six square kilometers in the industrial zone in the northwest of the Gulf of Suez for 45 years.

In a speech Saturday to mark the signing of the agreement, Abdel-Salam said: "China is one of Egypt’s main partners in economic development and investment cooperation. The Egyptian-Chinese relations are deep and strong, with historical ties dating back to more than 50 years.

"According to the agreement, the first phase will establish the first specialized Chinese industrial city in Egypt for small and medium-sized enterprises with investments of more than two billion dollars, and will offer direct and indirect job opportunities."