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IDA to establish industrial zone with CNY 5bn of investment  - Daily News Egypt

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IDA to establish industrial zone with CNY 5bn of investment 

China finances 60% of the project that will be specialised in textile industries


The Industrial Development Authority’s (IDA) officials are holding open negotiations with 25 Chinese companies, specialising in the spinning and weaving industry, that are currently visiting Cairo, to establish an integrated industrial zone operating on the industrial developer system.

Chairperson of the IDA Ahmed Abdel Razek said the new industrial zone is scheduled to be established on an area of 2m sqm with investments worth CNY 5bn over three years.

He added that 60% of the zone’s investments will be provided by the Chinese partner, stressing that the project will secure more than 90,000 job opportunities. Abdel Razek noted he met with the Chinese delegation with the participation of SINO Egypt’s officials, an Egyptian-Chinese company.

He added that the Chinese side called for dividing the area into industrial, residential, and service areas to be an integrated industrial zone.

Abdel Razek said that Wednesday’s meeting is part of a series of discussions that began with the Chinese side several months ago to develop a vision about the project.

Abdel Razek further added that the meeting reflected the Chinese side’s interest to build the industrial zone, pointing out that they provided some encouraging detailed studies of the project. The project can be a good start for more future projects in the zone, he added.

The Chinese side will be responsible for providing all facilities in the new industrial zone, which will include the weaving, dyeing, ready-made garments, printing, and embroidery industries. The project’s production will be directed to local and international markets.

The Chinese side had plans to set up the project in 10th of Ramadan City to benefit from the logistic location of the city. The IDA told the Chinese side that 10th of Ramadan City does not have enough areas of land for the planned project and its future expansions. The authority suggested building the project in the Queta industrial zone in Fayoum governorate.

Abdel Razek noted that the Fayoum zone was built nearby dense labor force areas, which makes it perfect for the spinning and weaving factories, which require a lot of workers. He added that the zone has large available areas that can absorb the Chinese project. The IDA also suggested Sadat City as a second alternative.

The IDA agreed with the Chinese delegation to hold several visits to a number of industrial areas to choose the best site of the project. Abdel Razek stressed the IDA’s keenness to provide the necessary support and facilitations to ensure the success of the project.

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https://dailynewsegypt.com/2017/10/26/ida-establish-industrial-zone-cny-5bn-investment/
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