Following the inauguration, the Prime Minister highlighted the Xin Xing project's significance in reducing the import costs of ductile iron pipes, crucial for major national utility, infrastructure, and housing projects. He added that the project aims to localize this key industry to serve local and regional markets, as well as for export. Madbouly further emphasized the government's ongoing support for the Suez Canal Economic Zone's efforts to attract investments in targeted industrial and logistical sectors, boost Egyptian exports, and expedite the development of ports and industrial zones to establish the SCZONE as a leading global logistical hub.
Walid Gamal
El-Din affirmed the economic zone's commitment to supporting investors by
streamlining project implementation procedures. He highlighted the rapid
progress of the Xin Xing project, noting its contract signing in March 2024,
foundation laying in April, and official inauguration now. This, he stated,
reflects the strong cooperation between the economic zone, the industrial
developer, and the investor. He further emphasized that this integrated
approach has enabled the Authority to implement 274 projects in the zone's
ports and industrial areas, with numerous inaugurations planned, making 2025
its "year of inaugurations. He noted
the Authority's aspiration for more contracts in the coming phase to achieve
the Authority's strategic vision of localizing industry, transferring
technology, and exporting abroad.
During his
inspection of the factory's production stages, the Prime Minister received an
explanation from company officials. They detailed that the facility spans
270,500 square meters within the "TEDA-Egypt" industrial zone in the
SCZONE's Sokhna Industrial Zone. The project represents an investment of
approximately $150 million and is expected to create 700 direct and 220
indirect job opportunities, with an annual production capacity of 250,000 tons
of ductile iron pipes.
The Prime Minister and his accompanying delegation toured the factory, receiving a detailed explanation of the manufacturing process. He expressed his satisfaction at the inauguration of the factory's first phase, conveyed his best wishes for future stages, and reaffirmed the government's ongoing support and confidence in these significant investments.