Vanward is set to launch a factory for manufacturing household appliances and various heat exchangers within the scope of the industrial developer (TEDA-Egypt) within the Sokhna industrial zone with an investment cost of $12 million.

The factory spans over an area of 26 thousand square meters and provides about 300 job opportunities, 90% of which will be for Egyptian workers. The construction work for the project will be completed within 9 months.

The foundation stone was inaugurated in the presence of Mr. Yeung Chungman, President of Vanward Company, and Mr. Li Daixin, General Manager of TEDA Development Company and Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), Walid Gamal El Din.

“2023 witnessed a great success of cooperation between SCZONE and Chinese investments in light of the promotional tours carried out by SCZONE, which led to further expansions of existing projects and several new projects. We will conduct a new promotional tour to China next May, to maximize the benefits of the successful partnership and open new horizons for cooperation,” El-Din said in the statement.

During October 2023, the SCZONE had a promotional visit to China and which resulted in agreements covering 11 projects, with an investment volume of $15.6 billion, which are planned to be built on an area of 4.9 million square meters, and will provide around 9 thousand job opportunities.