The General Authority of the Suez Canal Economic Zone announced the laying of the foundation stone for the integrated industrial complex of the Chinese company Xinfeng Egypt Steel in the Sokhna Integrated Zone of the Suez Canal Economic Zone.
The economic zone stated in a statement that the project includes nine diverse factories in its two phases, which will be implemented over a period of five years, in addition to two comprehensive service centers: one for research and development and the other for solid waste recycling.
The project’s total investment amounts to $1.65 billion, and it covers a total area of 3.75 million square meters. Its two phases will provide more than 8,000 direct job opportunities.
The first phase of the project includes four factories: an automotive brake disc components factory, a home appliance components factory, a standard fasteners factory (bolts and nuts), and a hot-rolled steel coil factory.
The second phase includes five factories: an aluminum-magnesium alloy automotive components factory, a steel structure equipment factory, an automotive brake drum components factory, a construction machinery components factory, and a cold-rolled steel coil factory.
The groundbreaking ceremony was attended by Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone; Minister Plenipotentiary Jiao Lixin, Commercial Counselor of the Chinese Embassy; Tian Haikui, President of Xinfeng Egypt Steel Company; and a number of executive leaders from the Suez Canal Economic Zone and Xinfeng.
In his speech, Walid Gamal El-Din emphasized that the Xinfeng Integrated Metal Industries Complex is one of the most important and largest industrial complexes within the Suez Canal Economic Zone, with significant dollar investments.
He pointed out that this massive project reflects the success of the partnership between the economic zone and its investor partners, and the great confidence in the investment climate and business performance within the authority.
Gamal El-Din continued, “The project reflects the success of the promotional efforts and investments the Authority has made in infrastructure and facilities to implement them according to the latest international standards. This is to maximize the benefit of the Authority’s strategic location on both sides of the world’s most important shipping lane, as well as the Authority’s availability of energy resources and trained technical labor at competitive rates.”
He explained that the Authority currently has approximately 140 factories under construction simultaneously, adding that “this project is of particular importance as it represents the localization of the automotive and home appliance industries, given the integration of its products into the supply chains of these two sectors, which are targeted for localization as part of the Authority’s strategy to boost Egyptian exports to global markets and meet the needs of the local market.”
