Thursday 21 Nov
Chairman of the Suez Canal Economic Zone Authority, Walid Gamal El-Din, witnessed the inauguration of CSCEC STEEL EGYPT steel structure manufacturing plant.
CSCEC is a subsidiary of China
State Construction Engineering Corporation (CSCEC Group). The plant is located
on an area of 27,039 square meters with a total investment of 87.4 million
Chinese yuan.
This facility offers a
comprehensive service, including technical development, design, testing,
treatment, and construction of steel structures. With an annual production
capacity of 25,000 tons, the plant is poised to significantly contribute to the
region's steel needs. Additionally, it will create job opportunities for 200
individuals.
The ceremony was attended by Chairman
of CSCEC, Zhang Wei Sal, Chairman of TEDA Egypt and TEDA China Africa, Liu Ai
Min, and GM of China Steel Structure Manufacturing Corporation, Xia Lin Yin.
Gamal El-Din highlighted the
steel industry's critical role as a foundation for numerous other industries
and a vital component in construction and building projects. He emphasized the
swift completion of the plant within just eight months, showcasing success of
the partnership between the economic zone and the industrial developer TEDA –
Egypt that provided a supportive and attractive investment environment.
The future is going to witness
many other Chinese investments through the expansions of "TEDA -
Egypt" and the development of various industrial zones in the economic
zone. This week, the Suez Canal area welcomed numerous Chinese economic
delegations representing diverse sectors and provinces which expressed their
interest to invest in the economic zone due to its access to local, regional,
and global markets. He also expressed his appreciation for the efforts of the
Chinese Embassy in Cairo in promoting economic ties between the two countries.
Chang Wei Sal hailed the plant as
a pioneering project in steel structure manufacturing. This new industrial base
not only caters to the local market but also extends to neighboring regions.
Its strategic location in Egypt, bridging Asia, Africa, and Europe, makes it
ideally situated for wider market reach.
The factory boasts cutting-edge
technology, featuring the latest steel structure production lines in the Middle
East. This advancement strengthens Egypt's domestic manufacturing sector. As a
pivotal country with a robust economy, a vast market, and immense development
potential, Egypt plays a key role in the Belt and Road strategy.
