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Egypt and XinFeng to develop Suez Canal economic zone

Chinese steelmaker XinFeng is partnering with the Suez Canal Economic Zone to establish an integrated industrial complex with a $1.65 billion investment. The project, consisting of 9 factories, will be completed in two phases and aims to boost local industry.

Egypt and XinFeng to develop Suez Canal economic zone

Egypt’s Minister of Industry and Transport, Lieutenant General Kamel El-Wazir, held discussions with Tian Haikui, Chairman of Chinese steelmaker XinFeng, regarding the establishment of an integrated industrial complex in the Suez Canal Economic Zone. The meeting was also attended by Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone. The project, with a total investment of $1.65 billion, will span 3.75 million square meters and be completed in two phases.

The first phase will involve the construction of four factories producing hot rolled steel coils, car brake discs, home appliance components, and standard fasteners such as screws and nuts. The second phase will include five additional factories for automotive and construction machinery components, steel structure equipment, brake drum parts, and cold rolled steel coils. The entire project is set to be completed within five years.

Lieutenant General Kamel El-Wazir emphasized the ministry’s commitment to supporting the project by expediting licensing procedures and streamlining other bureaucratic processes. He underlined that every effort would be made to attract industrial investments and accelerate growth in the sector.

Walid Gamal El-Din highlighted the strategic vision of the Suez Canal Economic Zone, which focuses on localizing industries and introducing advanced manufacturing technologies. He stated that the zone is poised to play a significant role in driving economic development and fostering industrial growth.

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