CAIRO - 26 May 2024: Chairman of Rubex International Plastics Manufacturing Company, Magdy El-Taher, revealed their plans to further expand investments in Egypt by injecting an additional LE 150 million during the FY2024/2025, during Prime Minister Mostafa Madbouly's inspection tour.
Since its establishment, the company has already invested approximately $12 million in Egypt.
El-Taher highlighted that the current average sales volume for the company is around LE200 million, with a target to increase it to LE 250 million within FY 2023/2024.
Additionally, Rubex exports approximately 20 percent of its production through 120 customers across 39 countries.
They aim to raise their global export volume to 30 percent as part of their plans for the current year.
The Chairman also discussed the potential for local production of polyester instead of relying on imports.
Prime minister Madbouly instructed the Minister of Trade and Industry to hold discussions on this matter, emphasizing the significant cost savings that could be achieved by producing these raw materials domestically.
During the tour, Madbouly commended the quality and diversity of Rubex's products, expressing the government's support for the company's investment expansion and export expansion plans, aligning with the state's objectives.
Comments
Leave a Comment