Dr Mostafa Madbouly, Prime Minister, held, on Wednesday evening, a meeting with officials of the Chinese companies “TEDA” and “Xin Xing” to review a project for cast iron pipes production and a steel plant with investments amounting to $ 2 billion within the “TEDA Cooperation” area within the scope of the economics region of the Suez Canal.

The Chinese company “TEDA” has negotiated successfully to attract several new Chinese investments to the region. One of these projects is the production of cast iron pipes and a steel plant for export through the “Xin Xing” company, which is specialized in this field.

Mr He Qiju, President of “Xin Xing” Company, presented the two projects, indicating that the first phase includes the production of cast iron pipes, with investments of about $150 million, to be built on an area of 250,000 square meters, with a production capacity of 250,000 tonnes annually, and an annual production value of about 1.2 billion US dollars. It will employ 616 workers.

The second phase will specialize in the iron and steel plant dedicated to export, with investments amounting to about $1.8 billion, on an area of 1.45 million square meters, with a production capacity of 2 million tonnes annually, and an annual production value of about $1.4 billion, and it will employ 1,500 workers.

He explained that by the end of the two phases, Egypt would be the leading centre for cast iron pipes production, and it could export them to neighbouring markets.

He pointed out that the project would contribute to bridging the gap in the cast iron pipe industry in Egypt and Africa and would promote the development of products in the Egyptian pipes locally and the technical expertise transfer in this crucial field.