It was a busy day in the Sokhna Industrial Zone yesterday, with USD 156 mn-worth of new projects kicking off operations, the majority of which came from Chinese players.

#1- China’s Elite Solar inaugurated two solar component factories worth a combined USD 116 mn. The facilities include a USD 40 mn solar cells factory, with a 2 GW annual capacity, and a USD 76 mn solar panels and related solar components factory, with an annual production capacity of 3 GW.

Localizing the production of solar cells is part of the Madbouly government’s broader strategy to push the domestic manufacturing of 12 strategic industrial components in a bid not only to reduce the country’s import bill — and resultant strain on FX resources — but also to add to our export base.

#2- Xinjin Textile, Printing, and Dyeing launched its USD 20 mn complex, which has a production capacity of 60 mn meters of fabric and 10k tons of yarn annually. The complex will export 70% of its output.

#3- Vanward inaugurated its USD 12 mn water heater and heat exchangers factory. It will produce 500k water heaters and 2 mn water heater component sets every year. The company will export output to African markets, with plans to expand production to include all types of heaters and ovens.

There’s more where that came from: Last month alone saw Chinese manufacturers pledge USD 1.2 bn in investments in the spinning and weaving, heavy, and advanced sanitary industries.

It wasn’t just Chinese companies that kicked off production at new plants

#4- Local food producer Maxicano Food Industries’ USD 5 mn cornmeal productionfactory went online, with an annual production capacity of 60k tons, 70% of which will be exported.

#5- CEC inaugurated a USD 3 mn factory for the production of ball bearings, bearing housings, and castings — components which are essential to the mechanical and industrial engineering sectors. The plant will have an annual production capacity of 3.5 mn units and will be the first of its kind in Egypt to produce ball bearings.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Tags: