- April 30, 2024
- Posted by: Ahmed Abed
- Category: 2024, EN
Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), witnessed the foundation stone laying ceremony of the “Xin Xing” factory for iron castings, which aims to produce high-pressure flexible cast pipes (from 100 mm to 1000 mm), with an annual production capacity of 250 thousand tons. On an area of 270,000 square meters, with a total investment cost of $146 million, the project is expected to provide 714 direct job opportunities. The ceremony was held in the presence of Mr. Zhao Linqing, Commercial Attaché of the Embassy of China in Cairo, and Mr. Wei Jianqing, Executive General Manager of TEDA. China Africa, Mr. Ye Maolin, President of Xin Xing Ductile Iron Pipe Company.
*“It is very much appreciated to witness the foundation stone laying ceremony, as the first meeting with company officials was during the promotional tour of SCZONE’s delegation in China last May, Therefore, today’s celebration of laying the foundation stone is an indication of mutual trust, the seriousness regarding cooperation and strategic partnership with the Xin Xing Group, and the company’s desire to accelerate the pace of work, as the construction of the factory will be completed during the first quarter of 2025. The company’s president also expressed his desire to expand within SCZONE through more projects in other areas in which the group works, such as the pharmaceutical industry. We pay great attention to the importance of localizing the cast iron pipe industry to reduce the import bill and meet the needs of the local market in addition to expanding into regional markets. We also appreciate the efforts of the Chinese Embassy in Cairo and TEDA – Egypt in deepening economic cooperation between the two countries.” Mr. Waleid Gamal Al-Dien, Chairman of SCZONE declared.*
*“Egypt is one of the first countries to establish relations with the State of China, and this year is the tenth anniversary of the establishment of comprehensive strategic relations between the two countries under the guidance of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, and President Xi Jinping, President of the People’s Republic of China. Egypt also has achieved great success in cooperating with Chinese investments in accordance with the Belt and Road Strategy. The completion of this project will give the confidence to more Chinese companies to invest within SCZONE.” Mr. Zhao Linqing, Commercial Attaché of the Chinese Embassy in Cairo, stated.*
*” Today’s celebration of laying the foundation stone expresses more development opportunities in the future. Great thanks to the Suez Canal Economic Zone (SCZONE) for the cooperation and support that made TEDA-Egypt attract 160 companies with a total investment of more than $2 billion, through which 50,000 job opportunities were created, and which confirmed the strategic partnership between the two countries.” Mr. Wei Jianqing, Executive General Manager of TEDA. China Africa*
*“Laying the foundation stone is a defining moment in the history of the development of the company, which is the largest company in the world for manufacturing ductile iron pipes. The presence in SCZONE enables the company to provide greater services to its customers in Egypt and the North African region, in addition to providing many job opportunities and supporting regional development. We are thankful to SCZONE for its support and assistance.” Mr. Ye Maolin, President of Xin Xing Ductile Iron Pipe Company.*
It is worth noting that a contract was signed to transfer the usufruct of the project area, which is located within the TEDA Industrial Zone, for the “Xin Xing” Company for the Manufacture of Ductile Pipes, last March.
