Suez Canal economic zone with China brings in $3 billion

Several Asian and African nations have marked the 70th anniversary of the Bandung Conference, formally known as the Asian-African Conference.

The inaugural meeting in Indonesia promoted peaceful coexistence, non-alignment in the context of the Cold War and an end to European colonialism.

Around the time of the conference, the Suez Canal was a symbol of resistance against imperial control. It now anchors a thriving model of South-South cooperation. CGTN's Adel EL Mahrouky reports. 

Egypt was one of the initial founders of the Bandung conference in 1955.

At that time the British and French imperial powers controlled the Suez Canal and enjoyed its riches. 

ADEL EL MAHROUKY Ismailia, Egypt "Just one year after the Bandung Conference, Egypt's President Gamal Abdel Nasser nationalized the Suez Canal. If it wasn't for the support he gained from the members of the conference, Egypt wouldn't enjoy the billions of dollars the Canal and its economic zone now bring to the country."

Fast forward seven decades, the Canal is now one of the most important pillars of the Egyptian economy. 

EZZAT SAAD EL SAYED Director, Egyptian Council for Foreign Affairs "I cannot imagine a modern Egypt with all what that entails, without the nationalization of the Suez Canal. With this economic zone, where China is taking a leading role in investing, cooperating with Egypt. It was the greatest decision ever taken by Nasser during his lifetime."

The canal's Economic zone is now busier than ever.

With 262 factories, it is turning Egypt into an industrial hub with investments worth some 8.6 billion US dollars.

Ten logistical projects have been built here and are enabling the fast-track shipment of products to the global market.

MOHAMED KASSEM Chairman, Egyptian Exporters Association "There is a very wide variety of factories there. From textile to fiber optics and anything in between. Now, the plans are to host the majority of green hydrogen (production) in this area. It's very clear that most of the factories in the Canal zone are environmental friendly, they use clean energy, solar energy."

The most iconic project in one of the world's most vital water ways is the China-Egypt Suez Economic and Trade Cooperation Zone, TEDA.

More than three billion dollars' worth of investment has been generated here by some 180 Chinese companies.

Total sales for the project are estimated to stand at 4.6 billion dollars as well. TEDA has encouraged more Chinese companies to come to Egypt. 

MOUSSAD IBRAHIM AHMED Deputy General Manager, EGEMAC "The Suez Canal Zone is a strategic location. It's the meeting point of three continents. Asia to the East, Europe to the North and Africa to the West. It is close to one of Egypt's most important ports, that is Ain EL Sokhna. It's less than two hours away from the capital Cairo. This logistical process facilitates manufacturing."

With an extensive road network already in place across the Suez Canal Economic Zone and a high-speed railway under construction to link the Red Sea with the Mediterranean, this North African nation is rapidly building the infrastructure needed to transport locally manufactured goods deep into both Africa and Europe.