AIN SOKHNA, Egypt, May 13 (MENA) – Prime Minister Mostafa Madbouli has inaugurated China’s Xinxing ductile iron pipes factory in the Suez Canal Economic Zone (SCZONE) with investments worth $150 million.

The premier was accompanied by the ministers of transport and housing, Suez governor, head of the General Authority for Suez Canal Economic Zone, representatives of the Chinese embassy in Cairo, and officials of Xinxing Co.

Madbouli said this project is important since it contributes to cutting imports of ductile pipes, which are used in several major national projects of infrastructure and housing.

The project helps meet the needs of local and regional markets and increase exports, according to him.

He lauded the government’s efforts on attracting further investments in the Suez Canal Economic Zone to turn it into a pioneering logistics hub to back global supply chains.

The premier was briefed about the factory, which is built over an area of more than 270,000 square meters with annual production capacity of 250,000 tons.

The project contributes to creating 700 direct job opportunities and 220 indirect opportunities. (MENA)

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