Cairo: The Chinese-funded enterprise XinFeng Egypt signed a land use rights agreement on Tuesday with Egypt's General Authority of the Suez Canal Economic Zone (SCZone) to establish a manufacturing complex. Under the agreement, Xinfeng Egypt will invest $1.65 billion to build a manufacturing complex covering 3.75 million square meters in the SCZone's Ain Sokhna Integrated Zone, the Egyptian cabinet said in a statement.
According to Lao News Agency, Egyptian Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Transport and Industry Kamel al-Wazir, Chairman of the SCZone General Authority Waleid Gamal El-Dein, and other Egyptian officials attended the signing ceremony. The complex is planned for completion in two phases over five years and will include nine factories, a solid waste treatment workshop, and an R and D and training center. It will primarily manufacture automobile and transportation parts, industrial standard parts, and industrial non-standard parts.
Xinfeng Egypt Chairman Tian Haikui stated that the manufacturing complex is expected to create 8,000 direct jobs and will focus on terminal industrial product manufacturing and high-value-added industries such as automobiles, engineering machinery, and home appliances. "This will not only enhance the competitiveness of Egypt's manufacturing industry but also create a large number of employment opportunities, improve local skills, and promote export growth, which is highly consistent with Egypt's 'Vision 2030' goals," he told Xinhua.