Egypt opens Chinese iron pipe factory with USD 150 mln.

CAIRO, May 13 (KUNA) -- Prime Minister, Mostafa Madbouly inaugurated, on Tuesday, the Chinese Xinxing Pipes factory for iron pipes, with an investment of USD 150 million.
Madbouly said that the project is important as it reduces Egypt's need to import these pipes, which are vital for national infrastructure and housing projects, adding that the factory also supports efforts to localize the industry and expand exports to regional and international markets.
He affirmed the government's ongoing support for the Suez Canal Economic Zone to attract industrial investments and enhance exports, stressing the need to accelerate development of ports and industrial zones.
Chairman of the Economic Zone Waleed Gamal Al-Deen noted that the project's contract was signed in March 2024, its foundation stone laid in April, and now it is officially open-reflecting strong cooperation between the parties involved.
He added that 274 projects have been contracted in the zone, with more openings planned in 2025.
The zone aims to attract more projects aligned with its strategy to localize industry, transfer technology, and boost exports, and creates 700 direct and 220 indirect jobs, with an annual production capacity of 250,000 tons of ductile iron pipes. (end) aff.dss