Egypt to establish 10 factories in various fields

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Wed, 15 Jan 2020 - 03:33 GMT

Prime Minister Mostafa Madbouli - Press Photo

Prime Minister Mostafa Madbouli - Press Photo

CAIRO - 15 January 2020: Prime Minister Mustafa Madbouly said Wednesday that the government will establish 10 new factories in the agricultural, industrial and tourism fields at the request of huge companies in these areas.

This announcement came during the prime minister’s meeting with CEO of the General Authority for Investment and Free Zones Mohamed Abdel Wahab, in the presence of the assistant prime minister, according to a statement released by spokesman of the Council of Ministers Nader Saad.

It is worth noting that the prime minister held a meeting on Jan. 8to improve the investment climate and maximize the participation of the private sector.

For his part, the first assistant prime minister referred to the requests and proposals submitted by the investors which aimed at facilitating the investment procedures and removing a number of obstacles that affect the investment environment.

For his part, Abdel-Wahab reviewed a number of requests from companies wishing to establish new investments in Egypt in various sectors; in addition to dozens of other under-study requests received by the Investment Authority.

Among the requests presented by Abdel-Wahab is the request of an agricultural development and project management company partnering with a large Saudi group in the field of agricultural, industrial and tourism investment to establish a project in the field of direct investment in the Bahariya Oasis region.

Abdel-Wahab said that the company chose Egypt after extensive studies to be the starting point for the new entity due to the stability and promising future of investment in Egypt, according to international agencies' reports.

The chairman of the General Investment Authority also indicated that one of the leading Chinese companies in the field of decorative materials is looking to pump more investments in Egypt, and transfer a number of its factories to Egypt's Ataqah expansion zone, north of the Gulf of Suez.

The company seeks to establish a number of factories in the area of aluminum panels'production, in addition to establishing a factory for painting aluminum rolls with the liquid paint system.

The statement added that Madbouly instructed the CEO of the General Investment Authority to collect the requests submitted by these companies and hold a meeting with the ministers concerned with those sectors to study and approve or reject the projects within a month.

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