China Shen Feng signs land contract for iron, steel products factory in Sokhna
Businessmen Team
stock_market
22 April 2024
10:38 PM
The Suez Canal Economic Zone Authority announced Monday that a land usufruct contract has been signed for an area of 750,000 square meters in favour of the project of the Chinese company Shen Feng WU'AN XIN FENG for iron products in the Sokhna Industrial Zone.
Chairman of the Suez Canal Economic Zone Authority, Walid Gamal
El-Din, and Secretary of the Communist Party of China Committee for Hebei
Province, Ni Yu Fang, witnessed the signing of the contract, aiming to
establish a hot-rolled steel coil production plant with total investments of up
to $297 million, which provides 1200 job opportunities.
The contract was signed by Dr. Mohamed Abdel Gawad, Deputy
Chairman of the Authority for Investment and Promotion, and Tian Haokui,
Chairman of Shen Feng Company, in the presence of Minister Plenipotentiary at
the Chinese Embassy in Cairo, Zhang Tao, and a number of executive leaders of
the Authority.
On the sidelines of the signing ceremony, Gamal El-Din met
with a high-level Chinese delegation headed by Ni Yu Fang, Secretary of the
Communist Party of China Committee for Hebei Province, to discuss ways of
cooperation between the Suez Canal Economic Zone and Hebei Province in fields
of common interest.
In this context, Gamal El-Din explained that the strategic
partnership between the Economic Zone and Chinese investments represents a
success story based on joint construction.
He affirmed his appreciation in Chinese investments in the
TIDA-Egypt Economic Cooperation Zone in the integrated Sokhna Industrial Zone,
the volume of which has reached so far to about two billion dollars due to the
presence of 150 companies in various industrial and logistics sectors. This paved
the way for new partnerships in the promising West Qantara Industrial Zone,
where contracts for 3 projects have been signed for Chinese companies since the
beginning of the current fiscal year 2023-2024, for De Sita for clothing
accessories - Henchng for dyeing and textile finishing - Henaway for
manufacturing travel bags, which confirms that this partnership is a model of
distinguished economic cooperation based on shared visions in the industrial
sectors.
He pointed that the Shen Feng Company project aims
to export 70% of its production and includes later stages for the production
of car engine blocks in line with the targets of the Economic Zone. He confirmed
that the approval of the Supreme Council for Energy has been obtained regarding
the necessary energy of gas and electricity for the project and the remaining
approvals are being completed before the land is handed over.
