Mr. Walid Gamal ElDien, Chairman of the Suez Canal Economic Zone Authority, has witnessed the signing of the industrial land allocation contract between Elsewedy Industrial Development and Jushi ,a Chinese leading company in the fiberglass production, establishing an extension of the current factory located in "Industria Sokhna".  

Engineer Mohamed AlKammah, the CEO of Elsewedy Industrial Development, and Mr. Xinyao Ma, Deputy General Manager of Jushi Egypt, officially signed the agreement. The collaboration between the two parties is geared towards creating an industrial complex covering an area of 60 thousand square meters. This expansion will accommodate the production of Jushi's sustainable and environmentally friendly products. Additionally, it will serve as a logistics center for exporting to global markets, taking advantage of the incentives offered by the Suez Canal Economic Zone. 

Mr. Walid Gamal ElDien emphasized the Suez Canal Economic Zone's commitment to providing unwavering support to its investors and partners for mutual success. He highlighted the zone's dedication to maintaining open and continuous communication with industrial developers, ensuring a proactive approach to addressing and overcoming any obstacles. SCZONE aims to bolster its competitiveness by offering a comprehensive set of attractive investment incentives. 

These incentives include a 0% rate of value-added tax on goods, merchandise, and services entering the zone, along with a 0% customs duty. Investors can also benefit from the zone's accessibility to the Egyptian export support program and other advantageous incentives. Noteworthy is the substantial investment of 3 billion dollars in infrastructure and facilities, fostering integration between industrial areas and ports within the economic zone. This strategic integration facilitates access to diverse global markets, further supported by various free trade and international agreements. 

While Mr. Xinyao Ma expressed his happiness with signing the contract with Elsewedy Industrial Development. He mentioned that Jushi is investing up to $8 million to establish another project as an extension of the Jushi factory in Sokhna. Mr. Ma conveyed his eagerness for further collaboration in investing in Egypt, affirming that the support provided by the Economic Zone has played a crucial role in the company's success, enabling it to achieve its planned objectives. This support has also contributed to enhancing the company's exports, making Egypt the fourth-largest market for supplying "Fiberglass" globally, according to Jushi Egypt's production capacity within the integrated Industria Sokhna City, a part of the Suez Canal Economic Zone. He clarified that the current project consists of four production lines, with an investment cost of 920 million USD and an annual production capacity of 350 thousand tons, creating approximately 2000 job opportunities.