Deadly Israeli airstrikes pound Gaza as Doha talks raise hopes for ceasefire    Egypt accelerates coastal protection projects amid rising climate threats    Egypt's PM calls Israeli war on Gaza 'most dangerous crisis' at BRICS summit    Egypt's FinMin urges BRICS to support debt sustainability    Egypt's gold prices up on July 6th    Venezuela vows to uphold sovereignty on 214th independence anniversary    ADIB Egypt publishes second sustainability report for 2024    Egypt, Saudi FMs discuss Gaza truce, Iran-Israel tensions    Over 215,000 projects funded under Mashrouak, exceeding EGP 33bn in May: Minister    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    UN conference cites Egypt's 'NWFE' programme as model for development finance    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    China's factory output expands in June '25    Philip Morris Misr announces new price list effective 1 July    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    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.