In March, the Suez Canal Economic Zone witnessed the groundbreaking of a new factory that will produce high-pressure pipes from flexible cast iron. This project, established by the Chinese Shen Xing Company, will manufacture cast iron castings on a 270 thousand square meter area with a focus on producing high-pressure pipes ranging from 100 mm to 1000 mm. The factory’s annual production capacity is 240 thousand tons and is expected to create 714 direct job opportunities.
The construction of this factory is set to be completed by the first quarter of 2025, highlighting the importance of localizing the cast iron pipe industry to reduce imports and meet local market needs. The project area within the TEDA Industrial Zone was transferred to the “Xin Shing” Company for the Manufacture of Ductile Pipes through a contract signed in March. The Chairman of the General Authority of the Suez Canal Economic Zone, Walid Gamal El-Din, attended the inauguration of the foundation stone along with other Chinese officials.
This project underscores the strong collaboration and strategic partnership between China and Egypt, with this project being a testament to their successful economic cooperation. The completion of this factory is expected to attract more Chinese companies to invest in the Suez Canal Economic Zone, providing further development opportunities in various fields. The strategic partnership between these two countries has already attracted significant investments and created thousands of job opportunities in regional development.
The President of Xin Xing Ductile Iron Pipe Company expressed excitement about expanding into this economic zone, enabling them to better serve customers in Egypt and North Africa. The company plans to explore more projects in Egypt across different industries such as pharmaceuticals and looks forward to providing more job opportunities while supporting regional development. Overall, this inauguration marks a significant milestone for this company’s history and showcases its potential for further growth and development in Egypt.
The establishment of this factory highlights how China has become an important ally for Egypt’s economic growth, with many investments coming from China into Egyptian businesses, particularly in infrastructure projects such as roads and ports. This collaboration has led to increased trade flows between China and Egypt, boosting both countries’ economies.
In conclusion, this factory’s groundbreaking marks an exciting opportunity for Egypt’s economic growth as it allows for greater self-sufficiency in cast iron pipelines while also creating new job opportunities for locals. Additionally, it strengthens China’s position as an important partner for Egyptian economic development.
As part of its efforts towards achieving sustainable development goals (SDG), Egypt aims to diversify its economy by developing industries that are less reliant on natural resources such as oil and gas exports. This new factory aligns with these goals by contributing towards reducing dependence on imports while also creating new jobs that contribute positively towards SDG targets such as decent work and sustainable communities.
Overall, this project highlights how strategic partnerships can lead to significant economic benefits for both countries involved while promoting sustainable development goals at global levels.
