Egypt
Tanzania
SCZONE Chairman Witnesses The Agreement Signing Between Elsewedy Industrial Development & Jushi
- Walid Gamal ElDien “The Economic Zone is very keen to provide continuous communication and full support to its industrial developers and investors partners.”
- Mohamed AlKammah: “We consider Jushi as a success story and serves as an exemplary model of the sustainable relationship between an industrial developer and an investor.”
- Xinyao Ma: “Jushi is investing approximately $8 million in the new fiberglass complex as an extension of its existing factory in Sokhna.”
Dubai – Monday, December 4, 2023
Mr. Walid Gamal ElDien, Chairman of the Suez Canal Economic Zone Authority, has witnessed the signing of the industrial land allocation contract between Elsewedy Industrial Development and Jushi the Chinese , leading company in the fiberglass production, establishing an extension of the current factory located in “Industria Sokhna”.
Engineer Mohamed AlKammah, the CEO of Elsewedy Industrial Development, and Mr. Xinyao Ma, Deputy General Manager of Jushi Egypt, officially signed the agreement. The collaboration between the two parties is geared towards creating an industrial complex covering an area of 60 thousand square meters. This expansion will accommodate the production of Jushi’s sustainable and environmentally friendly products. Additionally, it will serve as a logistics center for exporting to global markets, taking advantage of the incentives offered by the Suez Canal Economic Zone.
Mr. Walid Gamal ElDien emphasized the Suez Canal Economic Zone’s commitment to providing unwavering support to its investors and partners for mutual success. He highlighted the zone’s dedication to maintaining open and continuous communication with industrial developers, ensuring a proactive approach to addressing and overcoming any obstacles. The SCZONE aims to bolster its competitiveness capabilities by offering a comprehensive set of attractive investment incentives.
These incentives include a 0% rate of value-added tax on goods, merchandise, and services entering the zone, along with a 0% customs duty. Investors can also benefit from the zone’s accessibility to the Egyptian export support program and other advantageous incentives. Noteworthy is the substantial investment of 3 billion dollars in infrastructure and facilities, fostering integration between industrial areas and ports within the economic zone. This strategic integration facilitates access to diverse global markets, further supported by various free trade and international agreements.
Engineer Mohamed AlKammah stated that; “Jushi represents a success story for Elsewedy Industrial Development and serves as an example of the sustainable relationship between a developer and an investor. This collaboration marks the second venture between the two parties, with the establishment of the second factory, Jushi stands as one of the most significant Chinese investments in Egypt and a strong example of foreign investment for what it offers to the local market from direct and indirect job opportunities.”
He also added;” This signing aligns with the vision of the Economic Zone for the development of the Suez Canal, characterized by an increase in exports and support for logistical services. Moreover, this collaboration reinforces Egypt’s commitment to engaging in international and global partnerships that contribute to the advancement of the Egyptian economy, highlighting Egypt as an exceptional investment destination.”
While Mr. Xinyao Ma expressed his happiness with signing the contract with Elsewedy Industrial Development. He mentioned that Jushi is investing up to $8 million to establish another project as an extension of the Jushi factory in Sokhna. Mr. Ma conveyed his eagerness for further collaboration in investing in Egypt, affirming that the support provided by the Economic Zone has played a crucial role in the company’s success, enabling it to achieve its planned objectives. This support has also contributed to enhancing the company’s exports, making Egypt the fourth-largest market for supplying “Fiberglass” globally, according to Jushi Egypt’s production capacity within the integrated Industria Sokhna City, a part of the Suez Canal Economic Zone. He clarified that the current project consists of four production lines, with an investment cost of 920 million USD and an annual production capacity of 350 thousand tons, creating approximately 2000 job opportunities.
Worth noting that he Suez Canal Economic Zone aims for integration in providing services within its industrial zones, featuring the presence of 14 industrial developers. Additionally, its current plans include creating a conducive work environment for investors through the digitization of services provided under a unified one-stop-shop service. Moreover, the zone has issued a unified customs guide and is on the verge of launching a digital platform for customs and logistics services, aiming to elevate the level of services offered to investors to the highest global standards.
