The Chinese TEDA company on Thursday announced increasing its investments in the economic zone of the Suez Canal.

After meeting with Chairman of the General Authority of the Economic Zone of Suez Canal Nasser Fouad, the Chinese firm said that it will start the second expansion phase of its economic zone in the north-west of Suez.

In a statement, Fouad said that the USD 230 million expansion project will be the first project of the Suez corridor's development plan under the new law.

The planned visit by the Chinese president to Egypt would promote economic partnership between Cairo and Beijing, Fouad said.