The Egyptian government and Tianjin-based TEDA Investment Holdings announced plans to enhance cooperation on an economic and trade zone co-invested by the two parties in Egypt.

During the 15th anniversary of the trade zone last week, they said the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, located in the Suez Canal Economic Zone, is further proof of the two parties' efforts to optimize industrial structures, boost port services and build up new platforms in investment and trade, finance innovation, and civil exchanges.

Under the cooperation framework, Tianjin Dongjiang Comprehensive Bonded Zone will be a new hub to boost bilateral trade, especially that of auto parts, with full play given to TEDA's overseas warehouses, including those in Egypt.

The two parties will explore opportunities based on TEDA's commercial factoring expertise to boost cross-border commercial factoring in the international market and accelerate cross-border renminbi business.

Commercial factoring is a financing tool in which an enterprise sells its accounts receivable before the receivables are due in exchange for cash.

This will strengthen links between Tianjin Port and the port in Ain Sukhna.

"Egypt is willing to provide full support to the TEDA zone by providing all necessary infrastructure and facilities with the latest international standards," said Waleid Gamal El-Dein, chairman of the Suez Canal Economic Zone.

Dubbed "an unprecedented model for the successful cooperation between Egyptians and Chinese", the TEDA zone project is key to gaining experience in cooperation under the Belt and Road Initiative, the chairman said.

Home to more than 140 companies, the zone has attracted investments of more than $1.6 billion and created more than 5,000 jobs for Egyptians, Gamal El-Dein said.

Since 2008, TEDA has helped develop an area of more than 7 square kilometers in the Suez Canal Economic Zone. It has completed the first phase of development of about 1.34 sq km and is currently working on the second phase, which covers an area of 6 sq km.

To date, total job opportunities brought by overall industrial links with the zone have hit 50,000, according to TEDA.

The zone's accumulative sales hit $3.7 billion to date, and its taxation stood above $200 million, it added.

Tianjin Mayor Zhang Gong said that the city expects the zone — which is "a vigorous economic zone in Egypt" — to further tap into Tianjin's advantageous port, manufacturing and high-tech industries, adding that there are rosy prospects lying ahead.