Chinese company Xinxing Ductile Iron Pipes is to invest US$2 billion in iron amd steel plants in the Suez Canal Economic Zone (SCZone), Egypt’s Cabinet announced.
The Chinese investment came amid the Egypt’s current strategy to lure foreign direct investment and secure hard currencies.
China’s Tianjin will manufacture iron pipes and steel products for exports in the industrial zone at the Egyptian Red Sea port of Ain Sokhna.
SCZONE’s main goal to cover regional and local markets demand on some targeted sectors such as automobiles, green fuel, electric and food industried through its added-value logistic parks.
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