CAIRO – 18 January 2024: Vanward, company specialized in the manufacturing of household appliances and heat exchangers, has announced plans to establish a factory within the Sokhna industrial zone. The project, undertaken in collaboration with the industrial developer TEDA-Egypt, with $12 million investments.
The factory, covering an expansive area of 26,000 square meters, is expected to create approximately 300 job opportunities. Notably, 90 percent of these positions will be reserved for Egyptian workers, contributing to local employment and economic growth. The construction work for the project will be completed within 9 months.
“2023 witnessed a great success of cooperation between SCZONE and Chinese investments in light of the promotional tours carried out by SCZONE, which led to further expansions of existing projects and several new projects. We will conduct a new promotional tour to China next May, to maximize the benefits of the successful partnership and open new horizons for cooperation,” El-Din said.
A ceremony marked the inauguration of the foundation stone, attended by President of Vanward Company, Yeung Chungman, and General Manager of TEDA Development Company, Li Daixin and Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), Walid Gamal El Din.
El Din expressed his satisfaction with the successful partnership between SCZONE and Chinese investors, citing the promotional tours undertaken by SCZONE in October 2023, with an investment volume of $15.6 billion.
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