The industrial zone in Abu Zenima will significantly contribute to a cultural and industrial boom in Sinai.
Minister of Trade and Industry Tarek Kabil and Minister of Military Production Mohamed al-Assar attended Friday the signing of a memorandum of understanding between the National Military Production Authority, the Industrial Development Authority (IDA), Sinai Governorate and the Chinese Group CGCOC to develop the industrial zone in Abu Zenima, South Sinai.
“The agreement aims to strengthen Egyptian-Chinese relations, notably in the development of industrial clusters as well as the establishment and operation of industrial zones,” Kabil said.
The Chinese group, he added, will provide assistance with regards to infrastructure, feasibility studies and designs for the project, in addition to the necessary funding.
He also pointed out that the IDA will be responsible for the technical support, mainly planning the area, identifying the industrial activities to be included in the zone, and completing the procedures for land allocation within the industrial zone in Abu Zenima.
Under the agreement, the Egyptian sides will benefit from the Chinese know-how in the management and operation of export zones and exchange information on research and development, Assar explained.
“The industrial zone in Abu Zenima will significantly contribute to a cultural and industrial boom in Sinai, which will increase investment opportunities and create new jobs in the governorate,” South Sinai Governor Khaled Fouda said.