The Suez Canal Economic Zone (SCZone) marked a significant milestone on Thursday with the ceremonial laying of the foundation stone for the Chinese Vanward project, a venture focusing on the manufacturing of household appliances and various heat exchangers, backed by a $12 million investment.
Yeung Chungman, President of Vanward Company, outlined the project’s objectives, emphasizing the completion of stages to achieve an annual production capacity of two million sets of water heater parts and 500,000 water heaters. The construction of the 26,000-square-meter facility is projected to conclude within nine months, contributing to the creation of approximately 300 job opportunities. Notably, 90 percent of these positions will be allocated to Egyptian workers, according to the official statement.
Walied Gamal El-Dien, Chairman of SCZone, expressed enthusiasm about the Vanward Home Appliances Project, hailing it as a new technological milestone in Egypt’s industrial landscape. He affirmed the continuous support offered by SCZone for the growth and development of such projects, further enhancing the technological landscape in the region.
