Sunday 22 Dec
Minister of Industry and Transport Engineer Kamel El-Wazir held a meeting with Tian Haikui, Chairman of Shin Feng Egypt for Iron Products, to discuss the latest developments to establish a comprehensive industrial complex with a total investment of $1.65 billion in Egypt within the integrated Sokhna area in the Suez Canal Economic Zone. The meeting was attended by Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, and a number of leaders from the Ministry of Industry and the Suez Canal Economic Zone.
During the meeting, the minister reviewed the implementation plan for the complex, which will encompass nine factories. These factories are slated for construction on a 3.75-million-square-meter site, with a total investment of $1.65 billion, spread over two phases within a five-year timeframe.
Phase one will include four
factories: a car brake disc component factory, a home appliance component
factory, a standard fastener (screws and nuts) factory, and a hot-rolled steel
coil factory.
Phase two will encompass five
factories: an automotive component factory specializing in aluminum and
magnesium alloys, a steel structure equipment factory, a car brake drum
component factory, a construction machinery component factory, and a
cold-rolled coil factory. The complex is projected to generate approximately
8,000 direct job opportunities.
The Minister emphasized the
Ministry of Industry's commitment to fully supporting the company, including
expediting the issuance of industrial licenses and streamlining all factory
establishment procedures. The Minister stressed the importance of minimizing project
timelines, particularly the duration of equipment supply and installation, to
swiftly commence construction, operations, and production of the industrial
complex within Egypt. The Minister presented the company's chairman with a
proposed timeline for project implementation following the signing of the final
contract.
The Minister reiterated Egypt's
open-door policy for foreign companies seeking to invest and establish
large-scale manufacturing facilities. This aligns with President Abdel Fattah
El-Sisi's vision to transform Egypt into a regional industrial hub. The
Egyptian government prioritizes robust collaboration with both international
and domestic private sectors across various domains. The Minister highlighted
the significant potential of the Egyptian market, positioning it as a strategic
launchpad for investors targeting the Middle East and Africa.
Walid Gamal El-Din emphasized
that the Suez Canal Economic Zone's strategic vision prioritizes the
localization of industry and advanced manufacturing technologies within its
target sectors. He affirmed the Zone's commitment, with the support of various
government agencies, to significantly advance industrial localization. This
endeavor is crucial for creating job opportunities for Egyptian youth and contributing
to the realization of Egypt's Vision 2030, with its emphasis on economic and
social development.
He further highlighted the significance of the integrated Shin Feng project. Its products serve as crucial inputs for other industries targeted for localization within the Zone, such as the automotive industry, various transportation modes, and electrical appliances. This aligns with the government's broader strategy to enhance local component content across various sectors and bolster exports.
