Prime Minister Moustafa Madbouli asserted the state's keenness to deepen the industry of the local product and encourage and empower the private sector, pointing out that the Egyptian market is “huge” and encourages pumping investments in the state.
The factory covers an area of 83,000 square meters with a total investment cost of $40 million, of which $28.5 million is allocated for the first phase.
The Egyptian Company for Self-Maintenance for Roads and Airports made the announcement Wednesday in a meeting with Minister of Transport Kamel al-Wazir.
The total cost of the factories is LE31 billion, including a €600-million loan that is being used in the purchase of machinery.
Manzalawi said during the press conference held to announce the details of the new partnership, that the new factory aims to export 50 percent of production to African countries and the Middle East.
According to the statement, the ministry has reached an agreement with a South Korean company to purchase five ships for Alkahera Company For Ferries and Maritime Transport (KCFMT), followed by a cooperation between the company, The Suez Canal Authority and the private sector to manufacture commercial ships.
The Suez Canal Economic Zone (SCZone) elaborated in a statement that the project is located on an area of 250,000 square meters, with a production capacity of 30,000 tons per month.
Prime Minister Mostafa Madbouli held a meeting Wednesday with the representatives of China's TEDA and Chen Cheng to discuss their plan of establishing a $2-billion factory.
The Senate's Agriculture and Irrigation Committee discussed Tuesday evening the proposal of Senator Moomen Moaz.
Minister of Environment Yasmine Fouad held a meeting Monday with a number of officials to follow up on the updates of establishing the factory in Giza's Abou Rawash.
Egyptian President Abdel Fattah al-Sisi inaugurated the investment zone in Benha City, Qalyubia Governorate, via video conference technology, during the inauguration of a number of development projects at the level of the Republic on Tuesday.
The protocol includes the manufacture of 500 assorted railway passenger cars (100 air-conditioned first-class cars - 200 air-conditioned second-class cars - 200 advanced third-class cars) using Talgo global technology as a first stage out of a total of 1,000 railway cars planned to be manufactured locally.
The first factor to manufacture household appliances in Upper Egypt was launched under the name “Made in Egypt,” within the industrial zone in the new city of Sohag.
The minister of transport also presented other investment opportunities.
Prime Minister Mostafa Madbouli attended Tuesday the signing of a quadrilateral memorandum of understanding (MoU) to build an automotive factory in the Suez Canal Economic Zone (SCzone) located Eastern Port Said.
Prime Minister Mostafa Madbouli attended Wednesday the signing of the MoU between the General Authority for Free Zones and Investment (GAFI) and Sumitomo Egypt.
There is a plan to cut carbon emissions in Egypt by 50 percent.
Prime Minister Mostafa Madbouli attended Monday the inauguration of a new production line introduced by Flex P Films.
The factory is a joint venture between the Holding Company for Petrochemicals and the Arab Organization for Industrialization (AOI).
The revenues rose by 17 percent compared to the previous fiscal year.