In a significant move bolstering economic ties between China and Egypt, the China State Construction Engineering Corporation (CSCEC Group) has announced the grand opening of its state-of-the-art steel structures factory in Egypt. With an impressive investment of CNY 87.40 million ($12.06 million), the factory is poised to revolutionize the steel manufacturing landscape in the region.
Spanning an expansive area of 27,039 square meters, the newly inaugurated facility boasts a robust production capacity of 25,000 tonnes annually. Notably, this endeavor is anticipated to generate employment opportunities for approximately 200 individuals, contributing to both local prosperity and economic growth.
The establishment of this factory aligns seamlessly with the broader vision of enhancing industrial infrastructure and fostering economic development in Egypt. Mr. Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone (SCZONE), expressed optimism regarding the burgeoning collaboration between Egypt and China. He emphasized that this venture represents merely a precursor to the forthcoming surge of Chinese investments, particularly within the expansive Teda-Egypt zone and other strategic sectors within the SCZONE.
This milestone follows a series of landmark agreements inked earlier this month between Egyptian and Chinese entities. These agreements, totaling 14 in number, encompass a diverse array of projects poised to invigorate various sectors of the Egyptian economy.
The inauguration of the CSCEC Group’s steel structures factory underscores the unwavering commitment of both nations to deepen their economic cooperation and propel mutual prosperity to unprecedented heights. As the industrial landscape continues to evolve, such strategic collaborations are poised to redefine the economic trajectory of the region, heralding a new era of innovation and growth.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
26th April, 2024
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