2024/04/22

China Shen Feng signs land contract for iron, steel products factory in Sokhna

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.