Key Minerals in Africa: China's Henan Zhongfu Industrial Plans $2 Billion Investment in Aluminum Plant in Egypt
¬ The project will be located in the Suez Canal Economic Zone, creating 3,000 jobs
¬ This investment reflects China’s growing industrial influence in Egypt
¬ The factory aims to boost exports and strengthen local manufacturing
According to a government statement released on April 11, China’s Henan Zhongfu Industrial Group plans to invest $2 billion in constructing an aluminum production plant in Egypt.
The project was proposed by Cui Hongsong, Chairman of Henan Zhongfu Group, during a meeting in Cairo with Egyptian Prime Minister Mostafa Madbouly. Present at the meeting were Deputy Prime Minister Hussein Issa, responsible for economic affairs, and Walid Gamal El-Din, Head of the Suez Canal Economic Zone.
The factory will be built east of Port Said, within the Port Said Special Economic Zone (SCZone), covering an area of over 1 million square meters. It is expected to create approximately 3,000 jobs.
Mr. Cui stated that this project is part of the company’s broader strategy to expand its global industrial footprint, reflecting confidence in Egypt’s investment environment and the Port Said Special Economic Zone as a key industrial platform.
Prime Minister Madbouly reiterated the government’s support for the project and emphasized the central role of industry in Egypt’s economic strategy.
The project aims to enhance production and exports
According to the Port Said Special Economic Zone Authority, the factory will help meet local demand, strengthen manufacturing capabilities, and elevate Egypt’s position in regional and international markets, including Africa, the Middle East, and Europe.
Henan Zhongfu Industrial produces high-end aluminum alloy materials widely used in packaging, electric vehicle batteries, electronics, aerospace, and rail transport. The Shanghai-listed company has an annual aluminum processing capacity of 690,000 tons and an electrolytic aluminum capacity of 750,000 tons, with products exported to 45 countries.
This project further fuels the wave of Chinese industrial investments in Egypt, spanning sectors such as textiles, automotive manufacturing, steel, energy equipment, and chemicals.
Egypt’s appeal to industrial investors stems from multiple factors, including convenient access to multiple regional markets, existing trade agreements, and its strategic position as a logistics hub connecting Africa, the Middle East, and Europe.
Source: ecofinagency
Original: toutiao.com/article/1862381158203399/
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