- January 18, 2024
- Posted by: Ahmed Abed
- Category: 2024, EN
Mr. Waleid Gamal El Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), witnessed the groundbreaking ceremony for the “Vanward” factory for manufacturing household appliances and various heat exchangers within the scope of the industrial developer (TEDA-Egypt) within Sokhna industrial zone, where the factory is being built on an area of 26 thousand square meters at an investment cost amounts to $12 million and provides about 300 job opportunities, 90% of which will be for Egyptian workers. The construction work for the project will be completed within 9 months. The foundation stone was inaugurated in the presence of Mr. Yeung Chungman, President of Vanward Company, and Mr. Li Daixin, General Manager of TEDA Development Company.
“The groundbreaking of the “Vanward” project is evidence of the integrated visions between Egypt and China in the economic development aspects in a way that benefits the people of both countries. I would like to thank the industrial developer (TEDA-Egypt) for cooperating with SCZONE to attract more investments, which contributes to developing SCZONE and opening new markets for Chinese investments, especially after the new expansions, which emphasize mutual trust and the common desire to enhance economic cooperation. Vanward Home Appliances Project is a new milestone that adds to the technology of this field in Egypt. We Always offer full support for the growth and development of this type of project.” Mr. Waleid Gamal El-Dien, chairman of SCZONE, explained.
” 2023 witnessed a great success of cooperation between SCZONE and Chinese investments in light of the promotional tours carried out by SCZONE, which led to further expansions of existing projects and several new projects. We will conduct a new promotional tour to China next May, to maximize the benefits of the successful partnership and open new horizons for cooperation.” Mr. Waleid Gamal El-Dien added
” I would like to express my warm welcome and heartfelt thanks to all leaders, colleagues, and guests. This project is carefully planned by our company, aiming to meet the needs of overseas expansions. The project aims to complete its stages by Producing 2 million sets of water heater parts and 500.000 water heaters annually. I would like to express my special thanks to SCZONE for their concern and support for our project, and thanks to Teda Company for the support that gave us the confidence and courage to pursue our goals” Mr. Yeung Chungman, President of Vanward Company said.
” Setting up a factory in Egypt is not only a useful attempt for enterprises to move towards internationalization but also an important measure in response to the Belt and Road Initiative (BRI). As one of the industrial developers within SCZONE, TEDA has always been committed to supporting Chinese enterprises to “go global” and build a dual-cycle development pattern in China and abroad. We cooperate to create a first-class business environment that becomes a new benchmark for the high-quality joint construction of the Belt and Road Initiative.” Mr. Li Daixin, General Manager of TEDA Development Company, said
It is worth noting that recent SCZONE’s promotional visit to China during the period from 15 to 18 October 2023 witnessed agreements covering 11 projects, with an investment volume of $15.6 billion, which are planned to be built on an area of 4.9 million square meters, and provide about 9 thousand job opportunities.
