China intends to invest $2 billion in two projects in the industrial zone of the Suez Canal

Chinese business intends to invest $2 billion in the development of two projects in the industrial zone of the Suez Canal, located in the northeast of Egypt.

This was announced on Wednesday by the head of the Suez Canal industrial zone Walid Gamal ed-Din.
"At a meeting with Egyptian Prime Minister Mustafa Madbouli with representatives of the management of Chinese companies TEDA and XinXing, it was confirmed that Chinese firms will begin construction of two pipe production facilities on an area exceeding 1.5 million square meters. m in the Suez industrial zone," said ed-Din, whose words were quoted by the newspaper Al Ahram. He added that with the implementation of these projects, "Egypt will become the main center for the production of cast iron pipes in the region and will be able to export them to neighboring countries."
At the first stage, XinXing, one of the world's leading manufacturers of high-strength cast iron materials, is expected to participate in the construction of a pipe production plant with an investment of about $150 million. The plant's capacity is 250 thousand tons per year. At the second stage, a steel industry enterprise will be built in the industrial zone of the Suez Canal, whose products will be mainly intended for export. The volume of Chinese investments in this production will exceed $ 1.8 billion, its capacity is expected to increase to 2 million tons of products per year, writes TASS.