The Suez Canal Economic Zone (SCZONE) recently announced the signing of a contract with the Chinese company WU'AN XIN FENG, involving investments totaling $297 million. As part of this agreement, WU'AN XIN FENG has been granted usufruct rights to a vast land area of 750 thousand square meters.
The purpose of this project is to establish a factory specializing in the production of hot-rolled iron coils, to export 70 percent of its output.
Furthermore, the project includes subsequent stages for manufacturing car engine blocks.
The Chairman of SCZONE, Walid Gamal El-Din, also revealed that the overall investments between China and SCZONE have exceeded $2 billion.
This remarkable achievement is credited to the participation of 150 companies from various industrial and logistical sectors.
Over the current fiscal year 2023/2024, three project contracts involving Chinese companies have been successfully signed within the Qantara West Industrial Zone.
It is noteworthy that this project was a topic of discussion during the promotional tour of the SCZone delegation in China in May 2023.
Earlier in April, El-Din shared that SCZONE has secured approximately $894 million in investments since January 2024, with 40 percent of these funds coming from Chinese sources.
In March, the Chairman also mentioned that the total number of contracts within SCZONE reached 127 projects, with a combined investment value of around $2.8 billion, covering the period from July 2023 to March 21, 2024.
Among these projects, 61 have successfully obtained final approvals, with foreign investments accounting for 49 percent. Additionally, initial approvals have been granted to 66 projects, with a foreign investment rate of 39 percent.
Egypt Today
