.China's COSCO Shipping to build logistics park in Egypt Last Updated

 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 some 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.

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