China-Egypt TEDA Suez Economic and Trade Cooperation Zone
Publicity Department Director of TEDA Holdings Wang Linqiang
SEEPHEEPHE MAHAO
TIANJIN: A growing number of Chinese investors are turning to Africa for international markets and thanks to Egypt’s Suez Canal, the junction of Asia, Africa and Europe. Egypt through its Suez Canal Economic Zone (SCZONE) has secured over M4.5 billion of investment deals with Tianjin Economic-Technological Development Area Investment Holdings (TEDA), a Chinese state owned enterprise, based in Tianjin.
The China-Egypt TEDA Suez Economic and Trade Cooperation Zone is a zone approved by the Chinese government for overseas economic and trade cooperation. Chinese President Xi Jinping and other Party and state leaders have emphasized the importance of developing the TEDA Cooperation Zone during their meetings with Egyptian leaders.
Wang Linqiang, Public Relations Director of TEDA says the platform for China-Egypt economic and trade cooperation has become vital with the joint focus of the leaders of both countries and the extensive support of government departments at all levels along with shareholders.
“It is regarded as a model for China-Africa overseas economic and trade cooperation zones by Chinese and foreign journalists. During the Belt and Road Initiative Summit Forum in April 2019, the General Authority for Suez Canal Economic Zone in Egypt and the Tianjin city government signed a Memorandum of Understanding to jointly accelerate the development of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.” Wang pointed out.
He also mentioned that this made TEDA Cooperation Zone one of the initial overseas park upgrading projects in China. In December last year at the initial China-Arab States Summit, President Xi Jinping met with President Sisi of Egypt in Riyadh. Xi emphasized China’s willingness to enhance collaboration with Egypt regarding the Belt and Road Initiative and to effectively execute significant cooperation ventures such as the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.
TEDA Investment Holdings has 268 companies operating at the business hub of Tianjin from financial institutions, green power generation, pharmaceuticals etc and is playing a major role in social responsibility around the area.
TEDA is currently concentrating in north Africa while they are planning to move down to the east of the continent. “We are developing and upgrading the park in Egypt and this is a strategic alignment between the two countries, in future we will combine big and light projects while moving to East Africa”. Wei Jianqing, Deputy General Director China-Africa TEDA Investment added.
TEDA celebrated its 15 years anniversary this year and unveiled its 2030 vision strategic upgrade plan of connecting with Dongjiang Free Trade Port Zone of Tianjin to contribute to the city’s opening up to the outside world. It focuses on three main businesses of urban comprehensive development, finance and substantial industry.
Comprehensive urban development is the body of urban renewal project development and construction in Tianjin city. It engaged in large scale infrastructure construction, industrial zone investment and operation, land and real estate development, urban renewal, affordable rental housing as well as security, water conservancy and greening.
Its financial business has basically completed the layout of full licenses of banking, security, trusts, insurances and fund with financial assets accounting for two-thirds of Tianjin. The enterprises include Bohai bank, Bohai Property Insurance, Hengan Standard Life, Bohai secutities, Northern Trust, Industry Fund and JinlianHaihe Fund.
Substantial industry as a platform for the strategy of establishing the manufacturing city, it is focusing on manufacturing industries represented by ecological environment protection, medicine and health, food processing and service industries such as cultural tourism, exhibition and logistics.
