CAIRO - 2 December 2021: Minister of Public Enterprise Sector Hisham Tawfik discussed with Bulgaria’s Minister of Economy Daniela Vezieva, and her accompanying delegation, prospects of joint cooperation.
Tawfik asserted the Egyptian side’s keenness to strengthen relations with Bulgaria at all levels, the Public Enterprise Sector Ministry said in a statement on Thursday.
The minister reviewed his ministry’s efforts to reform and develop its affiliated companies, citing amendments to the law organizing their work, mechanizing their working mechanism by applying the ERP system, adopting central marketing and forming investment committees at the holding companies and seeking to make better use of untapped assets.
He also pointed out to some of the ongoing industrial projects at the ministry’s affiliates, including the comprehensive reform and development plan of the cotton, spinning and weaving companies which is implemented at an investment cost hitting LE 21 billion.
During his meeting with the Bulgarian minister, the public enterprise sector minister shed light on a project for manufacturing electric vehicles, saying that work is under way through an international consultant to select a partner for the project that will be implemented at El Nasr Automotive Manufacturing Co.
Another project for producing natural-gas powered and electric buses was also highlighted by Tawfiq in addition to another for developing the Egyptian Chemical Industries and establishing KIMA 2 fertilizer factory in Aswan at investments of EGP 11.6 billion.
He also reviewed a number of cooperation and partnership opportunities between both sides.
Meanwhile, the Bulgarian minister hailed the importance that the Egyptian government attaches to consolidating local manufacturing and encouraging import substitution.
She pointed out to the cooperation opportunities and her country’s fields of relevant expertise.