Egypt’s Investment and Foreign Trade Minister Mohamed Farid and Suez Canal Economic Zone (SCZone) Chairman Mostafa Sheikhoun on Wednesday witnessed the signing of a letter of intent between the SCZONE and China’s Zhongce Rubber Group Co., Ltd. (ZC Rubber) to explore the establishment of an integrated tyre manufacturing complex in the Sokhna Industrial Zone.
The proposed project is expected to attract around $500 million in investment and initially cover approximately 600,000 square metres, with about 95 per cent of its production earmarked for export.
The complex is planned to include tyre manufacturing lines, along with related industrial, service and logistics activities. It will be implemented in three phases to expand production and serve regional and international markets.
Farid said the signing marked an important step towards establishing an integrated tyre manufacturing project and reflected Egypt’s efforts to attract foreign direct investment into high-value-added industries, boost production, deepen local manufacturing and expand exports.
He noted that allocating around 95 per cent of output for export underlined the project’s export-oriented nature and would help strengthen Egypt’s export capacity and the competitiveness of locally manufactured products.
The minister also stressed the importance of adopting advanced tyre manufacturing technologies and localising technical expertise and modern technology to enhance Egypt’s industrial capabilities and develop the skills of its workforce.
He added that the government was committed to providing suitable industrial land and offering alternatives tailored to the requirements of each investment project.
For his part, Sheikhoun said the letter of intent represented an important step towards studying the establishment of a specialised tyre manufacturing project in the SCZone.
He said the project was in line with the zone’s strategy of attracting high-quality industrial investments, deepening local manufacturing and localising high-value-added industries.
ZC Rubber Chairman and General Manager Xin Jinrong said the company planned to implement the project in three phases, with estimated investments of around $500 million.
