Ministry of Trade and Industry Tarek Kabil - File Photo Ministry of Trade and Industry Tarek Kabil - File Photo

Egypt finalizes 15 industrial projects at LE 3.4B

Fri, Jul. 21, 2017
CAIRO – 21 July 2017: Egypt finalized 15 new industrial projects at total investment of LE 3.4 billion ($190 million) and the required land for the projects are being allocated, Minister of Trade Tarek Kabil said Friday.

The projects will be a part of 41 industrial projects targeted to be established at total investments of LE 28 billion, where the foreign investments reach 40 percent with LE 11.5 billion investments, Kabil added.

The minister noted that the projects will be in many fields, including food processing industries, engineering, textiles and furniture. Investors from a number of countries include the UK, Germany, China, Saudi Arabia and Kuwait expressed their intension to participate in these projects.

During the fiscal year 2016/17, the ministry inaugurated 1,573 factories over an area of 16.4 million square meters at total investments of LE 48.2 billion. These plants achieve annual production estimated at LE 86.3 billion and employ 52,000 workers in 24 governorates all over the country, the statement said.

Kabil further noted that over the period between 2007 and 2015, around 8,240 industrial projects were established with an annual rate of 827 projects per year, adding that during the past fiscal year, the number of projects was doubled to reach 1,573 projects.

During his meeting with the Industrial Development Authority, Kabil stressed on the importance of setting a methodology to price the industrial lands to be in line with the global systems.
 
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