The Suez Canal Economic Zone announced on Wednesday 18th of october the signing of an agreement with the Chinese company Hengtong to expand the company’s project to produce fiber optic cables in Ain Sokhna, east of the country, at a value of $18 million.

The economic zone said in a press statement that the Chinese company owns a project with an annual design capacity of two million basic kilometers in the TEDA-Egypt Chinese Industrial Zone.

The statement added that the signing came on the sidelines of the participation of the head of the Suez Canal Economic Zone in the Belt and Road Forum, according to the Arab World News Agency.

The statement quoted Walid Jamal Al-Din, head of the region, as saying, “The agreement aims to establish new expansions with investments of $18 million on an area of 21,000 square meters, as it aims to cover the needs of the local market and the needs of a number of national projects.”

The company’s factory specializes in the production of fiber optic cables and communications and electrical engineering services, with a current investment of six million dollars, with a production capacity of about two million units.

The company’s business areas cover fiber and submarine cables, maintenance services, in addition to the Internet of Things, big data and e-commerce, as well as emerging materials and new energy, according to the statement.