CAIRO, March 29 (Xinhua) -- China's Xinxing Ductile Iron Pipes Co., Ltd. has signed a land lease contract with Egypt-TEDA SEZone Development Company to build a new factory in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.
The signing ceremony held on Wednesday was attended by Egyptian Prime Minister Mostafa Madbouly, Suez Canal Economic Zone Chairman Waleid Gamaleldien, and other senior Egyptian officials.
The project is planned to cover an area of about 270,000 square meters and produce 250,000 tons of ductile iron pipes per year, said Ma Ye, head of the Egypt project of Xinxing Ductile Iron Pipes Co., Ltd.
With an investment of approximately 145 million U.S. dollars, the project is expected to generate nearly 200 million dollars in foreign exchange earnings for Egypt annually and create over 500 job opportunities for locals, Ma added.
This project will help fill the industrial gap in Egypt's ductile iron pipes sector and enhance the research, development, and supply capabilities of the Egyptian pipelines industry, according to Cao Hui, executive director of Egypt-TEDA SEZone Development Company.
By the end of 2023, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has attracted 145 companies with investments exceeding 2 billion dollars. These businesses have generated sales revenues surpassing 4.6 billion dollars, providing approximately 7,000 direct jobs and creating 50,000 employment opportunities in related industries.
