Cairo: Minister of Industry and Trade and Deputy Prime Minister for Industrial Development Kamel El-Wazir met with representatives of the Chinese company Xin Feng to discuss a $10-billion investment project aimed at establishing an integrated industrial complex for producing automotive sheets and specialized steel.

According to State Information Service Egypt, the proposed complex will have a production capacity of 10 million tons and will span an area of 10 million square meters. The facility is set to produce a variety of steel products, including automotive and structural steel, pipes, and galvanized sheets. This ambitious project is expected to create 15,000 direct jobs and over 85,000 indirect jobs, while also facilitating technology transfer and enhancing Egypt's industrial value chains in the automotive, energy, and infrastructure sectors.

The initiative aligns with Egypt's strategic objectives to localize automotive parts production, minimize import dependency, and boost export capacity. El-Wazir highlighted the significance of utilizing local iron ore and renewable energy resources within the project, reinforcing the shift towards green industry practices. Additionally, the minister reviewed Xin Feng's ongoing projects in the Suez Canal Economic Zone and emphasized the necessity of adhering to project timelines.