Chinese Enterprises Help Egypt Localize Cast Pipe Production
Release time:
2024-05-06 00:00
China Xinxing Casting Pipe Co., Ltd. Egypt's 250000-ton cast pipe project recently held a groundbreaking ceremony, marking the company's ductile iron pipe plant with an annual output of 250000 tons in Egypt has officially entered the construction phase.
The project is located in the expansion area of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone. It is the first overseas cast pipe production base for emerging cast pipe ductile iron pipe products. It plans to invest about 0.145 billion US dollars and produce 250000 tons of ductile iron pipes annually. It is mainly supplied to the Middle East, Africa, Europe and other regions. The project is expected to bring Egypt nearly US $0.2 billion a year in foreign exchange income and provide more than 500 local jobs.
In his speech at the groundbreaking ceremony, Walid Jamaldin, chairman of the General Administration of the Suez Canal Economic Zone in Egypt, said that the successful landing of the emerging cast pipe project is very important to promote the development of Egypt's industrialization. it is of great and far-reaching significance to further strengthen the regional economy, promote the adjustment of industrial structure, and speed up the process of industrialization.
Zhao Liuqing, Minister Counselor of the Chinese Embassy in Egypt, said that Xinxing Casting Pipe is a Chinese manufacturing company with global influence. It is believed that it will lead more Chinese companies to invest and set up factories in Egypt, create jobs and cultivate outstanding talents for the local area., And create foreign exchange income for Egypt.
Ye Maolin, deputy general manager of Xinxing Casting Pipe Co., Ltd., said that the company will complete the construction of the Egyptian plant as soon as possible and put it into operation in the first half of 2025, making it an important industrial base in Egypt and the Middle East, and helping Egypt's infrastructure construction and people's lives. improve.
Wei Jianqing, deputy general manager of China Africa TEDA Investment Co., Ltd., said that after the completion of the project, it can greatly improve 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.
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Source Xinhua News Agency
Journalist丨Yao Bing Zhang Jian
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