Chinese company considers $2bn investment in cast-iron pipes, steel industry in Egypt

Shen Ching, a Chinese company producing cast-iron pipes and steel industry, has announced plans to invest $2 billion in Egypt’s Suez Canal Economic Zone.

Head of the Chinese firm, He Kijo, made the announcement during a meeting with Prime Minister Mustafa Madbouli in Egypt.

The project is set to be built on an area of 1.7 million square meters at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Shams.

The annual turnover of this project is expected to amount to around $2.6 billion.

The project will be implemented over two stages, offering over 2,100 jobs.

The first stage includes the production of cast-iron pipelines with a production capacity of 250,000 a year, with around $150 million in investments.

Meanwhile, the second stage will be carried out with approximately $1.8 billion in investments and an annual production capacity of 2 million tons of steel dedicated for export purposes.