As part of this agreement, the Chinese company WU'AN XIN FENG has granted usufruct rights to a land area spanning 750 thousand square meters to establish a factory to produce hot-rolled iron coils.
In a recent statement, the Suez Canal Economic Zone (SCZONE) announced that it has entered into a contract with the Chinese company WU'AN XIN FENG with investments of $297 million.
As part of this agreement, the Chinese company WU'AN XIN FENG has granted usufruct rights to a land area spanning 750 thousand square meters to establish a factory to produce hot-rolled iron coils.
The project also aims to export 70% of its production and contains subsequent stages of producing car engine blocks
The Chairman of SCZONE, Walid Gamal El-Din, further revealed that the overall investments between China and SCZONE have surpassed $2 billion. A remarkable 150 companies from various industrial and logistical sectors have contributed to this figure.
Since the start of the current fiscal year 2023/2024, contracts for three projects involving Chinese companies have been successfully signed in Qantara West Industrial Zone.
It is worth noting that this project was part of the discussions of the delegation of the SCZone promotional tour in China in May 2023.
Earlier in April, El-Din said that SCZONE succeeded in securing about $894 million from investments since January 2024 until now, of which 40% are Chinese.
In March, the Chairman of SCZone added that the total number of contracts in the SCZone amounted to 127 projects, with an investment of about $2.8 billion, during the period from July 2023 to March 21, 2024.
Out of these projects, 61 successfully obtained final approvals, with foreign investments amounting to 49%. While, initial approvals were granted to 66 projects, with a foreign investment rate of 39%.
