Cairo, Egypt (PortSEurope) November 8, 2017 – TEDA Corporation and COSCO shipping company, both of China, will construct a new logistics park at TEDA Cooperation Zone in Egypt’s Red Sea city of Ain Sokhna, in cooperation with the Suez Canal Economic Zone (SCZone).
The agreement was signed by Executive General Manager of China-Africa TEDA Wei Jianqing, President of COSCO shipping (Europe) GmbH Lin Ji, and head of SCZone Mohab Mamish. The logistics park is an investment of China’s COSCO shipping (Europe) GmbH. It is part of TEDA’s development of an area of 7.23 sq km in Ain Sokhna.
“The special economic zone is not only meant to be built into an industrial city but rather a modernized city capable of comprehensive services including entertainment, real estate, R&D, as well as storage and logistics”, said Wei Jianqing.
The investment in the logistics park is $30 million (€25.87 million) and it will provide more than 300 job opportunities initially.
“The idea of building a logistics park in TEDA Cooperation Zone in Egypt came from COSCO’s vision to serve the Belt and Road Initiative as a major international logistics service-provider,” Lin Ji said.
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