China and Egypt will conjointly start the construction of a China industrial park in Egypt on June 1, 2000.
During President Mubarak's visit to China in April 1999 which set the stage for the project, it was decided that a substantial part of the Suez Special Economic Zone would form a key cooperative program between the two countries, China Daily reported.
Sinai for Investment and Technological Development Company and the Tianjin Tianbao Industrial and Trade Group constitute the implementation partners of the shared venture.
With normal operation of the park expected by the end of 2000, the park of 1.05 million square meters will manufacture products bearing a unified brand to be sold in Egypt, other African nations, Europe and the Middle East.
Egyptian and Chinese businessmen signed agreements on seven shared projects, including metal and plastic products, purified water, and water purification equipment, during the past year.
The China industrial park's working group negotiated with Tianjin on projects including kidney dialysis, air conditioners, chargeable batteries, wristwatches, and antique China.
© 2000 Mena Report (www.menareport.com )