EGP nudges higher vs. USD in early Thursday trading    Global electricity demand to surge through 2026 – IEA    Japan's c. bank holds key interest rate    Egypt, US FMs discuss Gaza crisis, Nile water security    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China's COSCO Shipping lining up for new logistics park in Egypt
Published in Amwal Al Ghad on 08 - 11 - 2017

China's TEDA corporation, COSCO shipping company, and Suez Canal Economic Zone (SCZone) signed on Tuesday an agreement to build a new logistics park at TEDA Cooperation Zone in Egypt's Red Sea city of Ain Sokhna, east of the capital Cairo.
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 on the sidelines of the World Youth Forum being Held in Egypt's Sharm el-Sheikh resort city.
The signing ceremony was attended by Egyptian Prime Minister Sherif Ismail and a number of other Egyptian ministers and government officials.
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," Wei Jianqing told Xinhua.
He noted that COSCO has been working with TEDA in the past decade, adding that the new Investment Law in Egypt provides the momentum that both TEDA and COSCO seek to put the logistics park into reality.
"We are proud to say the Suez International Logistics Park will be the first bonded logistics park in any special economic zone in Egypt," he added.
The international bonded logistics park is meant to enrich the supporting logistic facilities of Ain Sokhna, Wei Jianqing pointed out.
The logistics park will be built on 130,000 square meters including 52,000 square meters of storage yards and 46,000 square meters of bonded and non-bonded warehouses.
The investment of the logistics park stands at 30 million U.S. dollars 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, told Xinhua.
He said the logistics park will help COSCO consolidate its position in North Africa and Europe, adding that Egyptian importers and exporters can make use of the services provided in the bonded logistics park, which will save them a lot of money from the customs clearance process.
"Our cooperation with the General Authority for Suez Canal Economic Zone (SCZone) has been smooth. The determination and trust the SCZone has shown during the negotiation really guarantee the success of the logistics park," he stressed.
China is Egypt's largest trading partner with a trade volume of about 11 billion U.S. dollars in 2016 and about 5.2 billion dollars in the first half of 2017. Source: Xinhua


Clic here to read the story from its source.