Talks were held between Lieutenant General Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, and Tian Haikui, Chairman of “Chinese steelmaker XinFeng”, within the framework of discussing the latest developments in the plan to establish an integrated industrial complex with a total area within the integrated Sokhna area, affiliated to the Suez Canal Economic Zone, in the presence of Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone.

In the talks, the Minister reviewed the executive steps for establishing the new industrial complex, which includes 9 factories, as these factories are scheduled to be established on an area of ​​3.75 million square meters, with total investments of $ 1.65 billion, in two phases over 5 years.

The first phase is scheduled to include 4 factories to produce hot rolled steel coils, car brake discs, home appliance components, and standard fasteners, screws and nuts.

The second phase includes the establishment of 5 factories for automotive components made of aluminum and magnesium alloys, steel structure equipment, brake drum components for cars, a fourth factory for construction machinery components, and a fifth for the production of cold rolled coils.

Lieutenant General Kamel El-Wazir stressed the Ministry of Industry’s keenness to provide all forms of support to the company, including accelerating the procedures for obtaining industrial licenses, and all other procedures related to establishing factories.

Walid Gamal El-Din explained that the strategic vision of the Suez Canal Economic Zone is based on localizing industry and advanced manufacturing technology in the targeted sectors, stressing that the economic zone is keen to achieve leaps in the file of localizing industry.