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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from Egyttoday
The Suez Canal Economic Zone (SCZone) has revealed that it evolved a previously signed Memorandum of Understanding (MoU) into a comprehensive collaboration framework between the Economic Zone and several Egyptian entities with China Energy to establish a new Green Hydrogen industrial complex within the Integrated Sokhna area of the economic zone.
The agreement was signed by officials from SCZone, the Sovereign Fund of Egypt for Investment and Development (TSFE), Egypt’s New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC).
The change is in line with the zone’s strategic efforts to encourage green hydrogen projects and foster partnerships in the renewable energy sector and aligns with Egypt's commitment to renewable energy and the transition towards a greener economy.
SCZone chairman, Gamal El-Din, met with Assem Hanafi, Egypt's ambassador to China, and China Energy officials at the company’s headquarters in Beijing, within the framework of the SCZone’s promotional tour and discussions with Asian companies and investors.
The Chinese energy company stated that they were eager to collaborate with SCZone, highlighting Egypt's strategic positioning as a launching pad for companies, particularly in exporting to European and African markets. The company expects the agreement to be finalized within the next two months.
While at Beijing, the SCZone’s second stop in its Asia tour, the zone’s officials will explore ways of cooperation with Chinese companies in several industrial sectors.
Earlier in the day, Gamal El-Din spoke at the Egyptian-Chinese Investment forum at the Egyptian embassy in China.
