The factory has an annual production capacity of 250 thousand tons and spans over an area of 270,000 square meters
Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din witnessed the foundation stone laying ceremony of the Xin Xing factory for iron castings, which aims to produce high-pressure flexible cast pipes with a total investment cost of $146 million.
The factory has an annual production capacity of 250 thousand tons and spans over an area of 270,000 square meters. The project is expected to provide 714 direct job opportunities.
The ceremony was held in the presence of Mr. Zhao Linqing, Commercial Attaché of the Embassy of China in Cairo, and Mr. Wei Jianqing, Executive General Manager of TEDA. China Africa, Mr. Ye Maolin, President of Xin Xing Ductile Iron Pipe Company.
The SCZONE chairman stated that the construction of the factory will be completed during the first quarter of 2025.
“Egypt is one of the first countries to establish relations with China, and this year is the tenth anniversary of the establishment of comprehensive strategic relations between the two countries under the guidance of the Egyptian President Abdel Fattah El-Sisi and Chinese President Xi Jinping. Egypt also has achieved great success in cooperating with Chinese investments in accordance with the Belt and Road Strategy. The completion of this project will give the confidence to more Chinese companies to invest within SCZONE,” Commercial Attaché of the Chinese Embassy in Cairo, Zhao Linqing, stated.
The Executive General Manager of TEDA said that TEDA-Egypt attracted 160 companies with total investments of more than $2 billion, through which 50,000 job opportunities were created.
