Investment Minister Mahmoud Mohieddin said on Friday 6/11/2009 the north-west Gulf of Suez economic zone is a successful model of cooperation with China.

Twenty Chinese firms are now operating in the area, said Mohieddin during a tour in the area.

Tiida of China won a contract in July to develop the zone. Its offer outbid 29 other offers. Mohieddin inspected some projects in the location.

The zone is planned to attract investments of 1.5 billion dollars to set up about 180 factories with a manpower of 40,000 workers, said the zone's head Ahmed Amin.

The new factories will cover the fields of transport, energy equipment, clothing and oil, he told the minister. Tiida is establishing power, water and telecom networks and roads, added the official. The development process will last nine years in three stages.

Mohieddin expected Chinese investments in Egypt to grow in the coming period particularly in the Suez economic zone.