In a significant move aimed at bolstering economic ties between China and Egypt, the renowned Chinese company Shenfeng has announced plans to invest $300 million in establishing a state-of-the-art factory for iron products on a vast land area of 750,000 square meters in Egypt.
The agreement, signed between Shenfeng and Egyptian authorities, marks in bilateral cooperation, as it is one of the largest investments by a Chinese company in Egypt's industrial sector.
The factory, set to be located in a strategic industrial zone in Egypt, will specialize in the production of various iron products, catering to both domestic and international markets and will focus on exporting 70% of its production. This investment is expected to create numerous job opportunities and contribute to Egypt's efforts to attract foreign direct investment and stimulate economic growth.
Shenfeng's decision to set up a manufacturing base in Egypt underscores the country's attractiveness as an investment destination, owing to its strategic location, skilled labor force, and favorable business environment. It also aligns with China's Belt and Road Initiative, aiming to enhance connectivity and cooperation between China and countries along the ancient Silk Road routes.
Comments
No comment yet.