Arab Finance: Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport held a meeting with Tian Haikui, President of the… Shen Feng Egypt For iron products, to discuss developments regarding the plan to establish an integrated industrial complex with a total investment of $1.65 billion in Egypt within the integrated Sokhna region of the Suez Canal Economic Zone.
During the meeting, the Minister reviewed the executive steps for establishing the industrial complex, which includes 9 factories, as these factories are scheduled to be established on an area of ​​3.75 million square meters, with a total investment of 1.65 billion dollars, in two phases over 5 years, with the first phase including 4 factories. It is a factory for brake disc components for cars, a factory for home appliance components, a factory for standard fasteners (bolts and nuts), and a hot-rolled steel coil factory. The second phase includes 5 factories, which is a factory for automobile components made of aluminum alloys. The complex is expected to provide about 8,000 direct jobs.
The Minister stressed the Ministry of Industry’s keenness to provide all aspects of support to the company, which includes accelerating the procedures for obtaining industrial licenses and all other procedures related to establishing factories. The Minister also stressed the necessity of reducing the time period for establishing the project and the period of supplying, arriving and installing equipment to begin establishing and operating the industrial complex and starting production in Egypt. The Minister handed the company president the proposed time plan to implement it after signing the final contract for the project.
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