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China invests $5M in Egyptian sponge factory
Huoetcho Xiaozhanchang Company, a Chinese firm, plans to invest between $4 million and $5 million to establish a pressed sponge factory in Egypt, covering an area of 15,000 square meters. The aim is to meet the needs of the automotive, electrical appliances, and furniture sectors. The project focuses on domestic sourcing of raw materials to enhance Egypt's industrial competitiveness, in line with Egypt's 2030 strategy to increase added value and develop the industrial sector. The company's plans include producing high-quality products to satisfy local demand, with a gradual expansion of production capacity and the introduction of specialized products for regional markets, leveraging the country's strategic geographic location to open opportunities for potential exports.
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