Indorama aims to establish $700M factories in Egypt



Wed, 30 Aug 2023 - 02:38 GMT


Wed, 30 Aug 2023 - 02:38 GMT

CAIRO – 30 August 2023: Indorama Corporation, Asian chemical firm, wants to establish two factories of phosphate fertilizers and mineral silicon for manufacturing solar panels, with investments worth $700 million. Prime Minister Mostafa Madbouly reviewed their proposal during a meeting with Minister of Petroleum Tarek El-Molla and Minister of Planning Hala El-Said, and Minister of Trade and Industry Ahmed Samir alongside other senior officials.

The petroleum minister said there is a chance for partnership with Indorama, noting that the raw materials for the two factories are available.

During the meeting, Madbouly also called for the preparation of draft laws and decisions to implement the Egyptian president's recent decision on offering a package of incentives for targeted industries in order to be reviewed by the cabinet, then referred to the parliament.

Egyptian President Abdel Fattah El-Sisi directed the Egyptian Cabinet to issue a new package of incentives to back local strategic industrial projects.

The package of incentives includes exempting projects that target strategic industries from all types of taxes, except the value-added tax, for 5 years. The incentives package also includes extending the golden license for projects aimed at advancing local industrialization.



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