The General Authority for Suez Canal Economic Zone (SCZone) has signed 14 agreements with industrial developers from China.

The head of the SCZone, Waleid Gamal al-Dien said during his participation in the China-Egypt Zhejiang Economic Forum that the authority succeeded in attracting 128 projects, in industrial zones and ports, including projects that obtained final approvals, and projects that obtained initial approvals, at an investment cost exceeds three billion dollars.

The SCZone signed an agreement between the industrial developer “TEDA-Egypt” and the Chinese company “Xin Feng Ming” Holding company to establish a project to produce fiberglass and polyester fibers with investments amounting to $800 million, and a production capacity of about one million tons annually.

The production capacity for the first phase of the project is scheduled to reach 300,000 tons annually, with production starting in 2026.