China Cosco Shipping continues to spearhead Beijing’s One Belt, One Road strategy with its latest investment the development of a logistics park in Egypt.
Cosco and China’s TEDA Corporation have signed an agreement with Suez Canal Economic Zone to develop a new logistics park at TEDA Cooperation Zone in Ain Sokhna of Egypt.
Under the agreement, Cosco will invest in the development of Suez International Logistics Park, which will be built on 130,000 sqm of land. It will be the first bonded logistics park in Egypt.
“The idea of building a logistics park in TEDA Cooperation Zone in Egypt came from COSCO’s vision to serve the Belt and Road Initiative as a major international logistics service-provider,” said Lin Ji, president of COSCO Shipping (Europe).
China is Egypt’s largest trading partner with trade volumes of around $5.2bn in the first half of 2017.