**Investing in Egypt to Boost Industrial Development: Major Chinese Initiatives Ahead**
Egypt, long known for its historical and cultural heritage, is now positioning itself as a key player in regional industrialization. Indeed, several major Chinese companies have recently expressed interest in investing in major industrial projects worth over $2 billion in the country. This momentum is part of the government’s efforts to make Egypt a regional manufacturing hub.
Deputy Prime Minister for Industrial Development Kamel al-Wazir recently met with the Chairman of Xinfeng Egypt, a company specializing in iron products, Tian Haikui, to discuss progress on the plan to establish an integrated industrial complex representing a total investment of US$1.65 billion in the Sokhna Integrated Zone, part of the Suez Canal Economic Zone.
Al-Wazir stressed the Ministry of Industry’s willingness to support the company in obtaining the necessary industrial licenses, while speeding up the procedures related to the establishment of the factories. The aim is to reduce the time taken to set up the project, put it into operation and actually start production.
Egypt is thus positioning itself as a welcoming land for foreign investment, encouraging the establishment of large factories that contribute to the localization of various industries on its territory, with the aim of becoming a regional industrial center.
The complex plans to build nine factories on an area of 3.75 million square meters, representing a total investment of US$1.65 billion, spread over two phases over five years. The first phase will include four factories, followed by five more in the second phase, thus providing nearly 8,000 direct jobs.
For his part, the Chairman of the Suez Canal Economic Zone, Walid Gamal-Eddin, praised the importance of Xinfeng’s integrated project, whose products support the industries targeted for localization in the zone, such as the automobile industry, various means of transportation and the electrical appliance industry, thus supporting the state’s efforts to strengthen local content in industries.
In addition, the Chairman of the General Authority for Investment and Free Zones, Hossam Heiba, discussed with a delegation from the Chinese Lutai Group, the world’s largest producer of dyed fabrics and shirts, the company’s plan to establish its first factories in Egypt, at an investment cost of US$385 million.
In conclusion, Chinese investments in Egypt aim to boost the country’s industrial sector, creating job opportunities and promoting the transfer of advanced technologies.This cooperation not only strengthens local production capacities, but also contributes to Egypt’s influence as a regional industrial hub with strong potential.