China’s Vanward launches $12 mln-factory in Egypt’s SCZone

The Suez Canal Economic Zone (SCZone) witnessed on Thursday the laying of the foundation stone for the Chinese Vanward project for the manufacture of household appliances and various heat exchangers with $12 million investments.

“The project aims to complete its stages by producing two million sets of water heater parts and 500.000 water heaters annually,” said president of Vanward Company Yeung Chungman.

The construction work of the 26 thousand square metres project is expected to be completed within nine months. The project will create about 300 job opportunities, 90 per cent of which will be for Egyptian workers, the statement added.

SCZone’s chairman Walied Gamal El-Dien added “Vanward Home Appliances Project is a new milestone that adds to the technology of this field in Egypt. We always offer full support for the growth and development of this type of project.”