July 1 (Reuters) - The Egyptian cabinet said on Wednesday that a contract had been signed for a car tire component production project with China's Zenith Group, with investments of about $300 million.

The project will be located in the Sokhna Industrial Zone, which belongs to the General Authority for the Suez Canal Economic Zone, on a total area estimated at about 320,000 square meters.

Walid Gamal El-Din, head of the General Authority for the Suez Canal Economic Zone, said the project includes the establishment of advanced production lines to produce 120,000 tons per year of steel wire for car tires and 50,000 tons per year of tire rim wire, providing about 1,000 direct job opportunities.