Daily News Egypt

19% increase in industrial investments compared to last year - Daily News Egypt

Advertising Area




Advertising Area




19% increase in industrial investments compared to last year

This year 1,304 approvals for investment projects were granted in comparison to 1,099 approvals in 2015


Industrial indicators are pointing towards a 19% increase in approvals in comparison to the first six months of 2015, Industry and Trade said during his visit to 6th of October City industrial zones on Monday.

So far this year, a total of 1,304 approvals have been granted for establishing industrial projects with investments of EGP 21.3bn, offering 54,000 employment opportunities during the first of half of 2016, Kabil said. This marked a 19% increase from the first six months of 2015 in investments, when 1,099 approvals were granted worth EGP 20.3bn, he added.

Additionally, Kabil said 622 projects received immediate and initial but conditioned approvals. Also, industrial records have been renewed and modified for 3,179 investors.

The minister’s visit was concerned with opening three new factories in 6th of October City in the engineering, medical, and aluminium industries worth EGP 300m and a complex for small- and medium-sized enterprises (SME) worth EGP 91m, according to a press release by the ministry.

The press release added that Kabil also visited the Construction Products Company (CPC) industrial development zone to open a complex for small businesses comprised of seven factories that work in engineering, chemicals, printing, plastics, packaging and wrapping, and electrical products. This complex received EGP 91m worth of investments and offers1,400 employment opportunities.

In another statement, Kabil said: “developing and expanding SME factories is a priority owing to their ability to provide job opportunities and help in the development of Egypt’s industrial zones.”

These projects include opening a factory for aluminium extraction in the CPC zone with investments of up to EGP 160m, while providing 80 employment opportunities. Another factory will be opened to produce moulds for household appliances with investments up to EGP 130m offering 220 direct employment opportunities.

Additionally, another factory for medical supplies will be launched with investments worth EGP 12m and 120 direct employment opportunities, the press release added.

The minister inspected two factories for the production of home appliances, the first of its kind for manufacturing refrigerators and stoves worth EGP 51m in investments, with exports amounting to $1m annually, while providing 1,500 jobs, the press release read.

The press release also mentioned a factory that is equipped with the largest plastic injection in the Middle East for washing machines and its parts worth EGP 1bn, with exports equalling $2m and providing 900 jobs opportunities.

The minister also toured a factory for the textile industry with Egyptian-Saudi-Turkish investments worth EGP 78m, the press release added.

Kabil said: “the ministry prioritises establishing specialised logistics centres in the different industrial zones and cities, so there can be more available warehouses for storage, shipping, and distribution of all industry products which will eventually help factories to sell their products.”

The minister also toured Alfa Logistics, the biggest local company specialised in warehousing, shipping, and value added services with investments up to EGP 250m, planned to reach EGP 600m after the competition of all project phases. The company currently owns five storage warehouses, on 150,000 sqm and offers 70 employment opportunities with expectations that this will reach 1,200 following the completion of the project phases.

“Logistics help the Egyptian consumer become more attracted to Made in Egypt products,” Kabil said.

 

https://cdn2.dailynewsegypt.com/2016/07/25/19-increase-industrial-investments-compared-last-year/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe