TEDA Cooperation Zone Welcomes Hisense FBB Home Appliance Industrial Park Project

Source Xinhua News Agency

Reporters Yu Fuqing, Yang Still, Yao Bing, Zhang Jian

On August 8, under the witness of Egyptian Prime Minister Madbouli and Egypt's Suez Canal Economic Zone General Administration Chairman Walid Jamaledin and other senior Egyptian officials, Hisense Group Co., Ltd. and Egypt's TEDA Special Zone Development Company signed the land purchase agreement for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (TEDA Cooperation Zone) in the Prime Minister's Office of Egypt, marking the official entry of the Egyptian TV factory project in the Hisense Park.

Jamaldin said in a statement issued by the Egyptian government that the land purchased this time is located in the 6-square-kilometer TEDA Cooperation Zone Expansion Zone. The agreement was reached through friendly negotiations between the two parties. The project has an investment of US $38 million and covers an area of about 200 mu. After entering the zone, it will further improve the home appliance industry cluster in the cooperation zone. At the same time, relying on the hardware and software supporting services and location advantages of the Egyptian Special Zone and TEDA Park, the Hisense project will be put into production in the second quarter of 2025. After the first phase is completed, it will produce 1.5 million high-end screens per year. In addition to meeting the local needs of Egypt, most of the products will be exported. To markets such as Europe, the Middle East, and Africa, the project will generate foreign exchange income of about US $0.1 billion per year for Egypt, directly solving about 400.

Ouyang, general manager of Hisense International Marketing in the Middle East and Africa of Hisense Group Co., Ltd., pointed out that Hisense has established a consensus that "the bulk of Hisense's development is overseas", and adheres to the core values of "honesty and integrity, pragmatic innovation, user first, and sustainable operation". With the development strategy of "establishing a technology enterprise and operating steadily", Hisense actively responds to the country's call to "go global" while doing a good job in the domestic market, internationalization has always been implemented as a long-term strategy for the development of the company. In the long run, Hisense and TEDA have the same goals and ideas, and the cooperation between the two sides will work together to create brilliance and help China-Egypt economic and trade cooperation.

At the signing ceremony, Cao Hui, executive director of Egypt's TEDA Special Zone Development Company, said that the TEDA Cooperation Zone welcomes Hisense's Egyptian project. As one of the leading enterprises in the TEDA Cooperation Zone, after the completion of the project, it is of great significance to promote local employment, improve the level of local industrial technology, and increase Egypt's foreign exchange income. TEDA is willing to cooperate with Hisense for a win-win situation and make positive contributions to promoting the social and economic development of Egypt and benefiting the local people.

Founded in 2008, the TEDA Cooperation Zone is located in the port of Sukhnai Springs in Suez Province, Egypt, more than 120 kilometers away from the capital Cairo. The cooperation area is divided into a starting area and an expansion area. The starting area covers an area of 1.34 square kilometers and has been fully developed. The 6-square-kilometre extension was unveiled in January 2016 and is operated by Egypt's TEDA Special Zone Development Company. As of July 2024, the TEDA Cooperation Zone has attracted a total of 170 companies to settle in, with actual investment exceeding US $2.1 billion, cumulative sales of nearly US $4.9 billion, and taxes and fees paid exceeding US $0.27 billion, directly solving the employment of nearly 10,000 people, Jushi, Xidian, Many leading companies in various industries in China, such as Universiade, Midea, Xinxing Casting Pipe, Fengshang, Wanhe, etc., as well as international companies in Egypt, UAE, Dubai, egyptian Prime Minister Madbouli commented that "the TEDA cooperation zone is an ideal model for the development of Egyptian industrial parks".

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