Egypt-China relations strengthen with $2 billion factory deal
China is making major economic inroads into Egypt along with other countries in the Middle East.
Egypt’s Suez Canal announced a deal on Thursday with a Chinese company to build a steel and iron factory. The agreement is one of a few Egyptian and Chinese entities have signed recently and demonstrates China’s growing footprint in Egypt.
The Suez Canal Economic Zone said China’s Xinxing Ductile Iron Pipes Corporation will invest $2 billion to build a cast iron pipe and steel production facility in the zone. The purpose of the project is to make Egypt a hub for cast iron pipe production, Egypt’s state-owned news outlet Al-Ahram reported.
Last week, the Chinese home appliance firm Haier inaugurated a factory in Egypt. The Haier Egypt Ecological Park is located in the Sharqia province of northeast Egypt, the state-run China Global Television Network reported.
Late last month, Egypt launched a sensing satellite into space from China, according to Egypt Independent.
