SCZONE chairman witnesses foundation stone for Xin Xing factory with $146M investments

CAIRO - 30 April 2024: The Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din, recently presided over the foundation stone laying ceremony of the Xin Xing factory for iron castings. The factory, with a total investment cost of $146 million, aims to produce high-pressure flexible cast pipes. 

 

The event was attended by esteemed dignitaries including Mr. Zhao Linqing, Commercial Attaché of the Chinese Embassy in Cairo, Mr. Wei Jianqing, Executive General Manager of TEDA China Africa, and Mr. Ye Maolin, President of Xin Xing Ductile Iron Pipe Company.

 

Spanning over an area of 270,000 square meters, the Xin Xing factory has an annual production capacity of 250 thousand tons. The project is expected to generate 714 direct job opportunities, contributing to the local economy and providing valuable employment prospects for the region.

 

During the ceremony, Chairman Walid Gamal El-Din expressed optimism about the completion of the factory's construction by the first quarter of 2025. He emphasized the longstanding relations between Egypt and China, highlighting that Egypt was one of the first countries to establish diplomatic ties with China. This year marks the tenth anniversary of the comprehensive strategic relations between the two nations, fostered under the guidance of Egyptian President Abdel Fattah El-Sisi and Chinese President Xi Jinping.

 

Moreover, El-Din praised the success of Egypt's collaboration with Chinese investments, particularly in alignment with the Belt and Road Strategy. He emphasized that the completion of the Xin Xing factory project would serve as a testament to the fruitful partnership between the two countries, further encouraging Chinese companies to invest within the SCZONE.

 

The Commercial Attaché of the Chinese Embassy in Cairo, Zhao Linqing, acknowledged Egypt's achievements in cooperation with Chinese investments. Linqing expressed confidence that the successful realization of the Xin Xing factory would bolster the trust and interest of more Chinese companies to invest in the SCZONE.

 

Adding to the significance of the occasion, the Executive General Manager of TEDA, Wei Jianqing, highlighted the achievements of TEDA-Egypt, a subsidiary of TEDA China Africa. TEDA-Egypt has already attracted 160 companies, with total investments surpassing $2 billion, resulting in the creation of 50,000 job opportunities.