Egyptian Prime Minister's Pro-witness: TEDA Cooperation Zone Welcomes New Casting Pipe Project of Nearly 1 billion Yuan

On March 27, 2024, the Egyptian Prime Minister's Office, in the presence of Egyptian Prime Minister Mustafa Madbouli and Egypt's Suez Canal Economic Zone Administration Chairman Walid Jamal Eldin and other senior Egyptian officials Under the witness, Xinxing Casting Pipe Co., Ltd. (hereinafter referred to as Xinxing Casting Pipe) and Egypt TEDA Special Zone Development Company (hereinafter referred to as Special Zone Development Company) signed the China-Egypt TEDA Suez Land Economic and Trade Cooperation Zone Agreement. Ma Ye, head of the Egyptian project of Xinxing Casting Pipe, Cao Hui, executive director of the Special Zone Development Company, Nahla, executive president, and Xu Qifeng, executive director of Egypt's TEDA Investment Company, attended the signing ceremony.

Prime Minister Madbouli (left back row) witness project signing

The signing of the land purchase agreement marks the official entry of the emerging cast pipe project into the TEDA cooperation zone. This move is not only of great significance to the TEDA cooperation zone, but also will make up for the gap in the field of ductile iron pipe industry in Egypt, and greatly enhance the R & D and supply capacity of local pipelines in Egypt. While providing employment for Egypt and earning foreign exchange through export, it effectively improves the technical level of Egypt's local pipeline industry and improves the international competitiveness of Egypt's pipeline industry.

As the world's largest R & D manufacturer of ductile iron pipes and pipe castings and China's most competitive R & D manufacturer of steel products, Xinxing cast pipe overseas market is developing rapidly. Based on its own strategic layout advantages, sales terminal advantages, production cost advantages, brand value advantages, scientific and technological innovation advantages and corporate culture advantages, Xinxing cast pipe exports centrifugal ductile iron pipes and pipe fittings, steel smelting and rolling products, casting products and other products to more than 120 countries in the world, The sales network covers Asia, Europe, Africa, America and other regions.

Xinxing cast pipe domestic plant source: Xinxing cast pipe official website

The Egypt project is the first overseas cast pipe production base for emerging cast pipe ductile iron pipe products. It is planned to cover an area of about 270000 square meters and will build a full-specification, full-variety centrifugal ductile pipe and related products manufacturing plant. The project plans to invest 1 billion yuan, with an annual output of 250000 tons of ductile iron pipes, mainly supplying water supply, water supply and drainage, water conservancy, seawater desalination and other fields in Egypt, the Middle East, Africa, Europe and other regions. The project will provide more than 500 local jobs and annual sales of more than $0.2 billion.

The project has a large-diameter cast pipe production capacity of DN1200 or more, which can greatly enhance the supply capacity of Egypt's local pipeline, improve the economy of Egypt's localized production of cast pipes, and reduce the overall investment cost of Egypt's pipeline project. At the same time, the project can bring Egypt nearly US $0.2 billion a year in foreign exchange income through product exports, and promote local employment and improve the technical level of local personnel.

Chairman of the General Administration of the Special Administrative Region Walid Jamal Eldin (second from left) attended the signing ceremony

As an old friend who has visited the TEDA Cooperation Zone four times, Prime Minister Madabli paid great attention to and strongly supported the investment promotion, construction and operation of major projects in the TEDA Cooperation Zone, and cordially received the Xinxing Casting Pipe inspection team many times. During the "Belt and Road Initiative" Summit Forum in Beijing on October 17, 2023, he personally witnessed the signing of the investment cooperation framework agreement of the project. At the signing site, Prime Minister Madbouli emphasized that the successful implementation of the project is of great significance to promoting the development of Egypt's industrialization. At the same time, he congratulated TEDA on its achievements. Prime Minister Madbouli pointed out that the TEDA Cooperation Zone has become a model of China-Egypt cooperation and a model of China's foreign investment, which has greatly promoted and helped the economic growth of the Middle East and Africa. He was very concerned about the development of the TEDA Cooperation Zone. During many inspections, he deeply felt the booming development trend of the park and welcomed the strategic upgrade of the TEDA Cooperation Zone. Prime Minister Madbouli said that the Egyptian government will continue to support the TEDA Cooperation Zone, encourage Chinese-funded enterprises to invest in Egypt, and jointly promote China-Egypt cooperation to a new level.

At the beginning of the 2024 New Year, TEDA Cooperation Zone ushered in an endless stream of visits and cooperation teams. The signing of a major investment project of 1 billion yuan for Xinxing Cast Pipe is a good start to the New Year in TEDA Cooperation Zone. With the blessing of the TEDA Cooperation Zone's "two-pronged approach" of internal cohesion and external expansion, the "strategic upgrade" of the park in full swing will also usher in new important results in this critical year.