Chinese Company to Establish Iron, Steel Factory with Annual Production Capacity of 2 Million Tons
Source: www.export-egypt.com 8/9/2018
Investment and International Cooperation Minister Sahar Nasr said that Egypt welcomes Chinese investments, mainly in light of the marked economic and legislative reforms it has achieved upon directives from President Abdel Fattah El Sisi.
The minister made the remarks, at a meeting with a delegation comprising representatives from the government of the Chinese Province of Hebei alongside eight major Chinese companies.
The delegation as well included the vice president of China's Sinoma company, who said that his company is willing to establish an iron and steel factory in Egypt with annual production capacity of two million tons at investment costs of 100 million dollars.
The government is working actively to lure investments from the private sector, which is a vital pillar of economic growth, the minister noted.
Nasr asserted that the Egyptian government believes in the private sector’s role in development, saying that it is ready to implement all reforms needed to facilitate the private sector’s work in Egypt and consolidate its role at all sectors, mainly in setting up the national mega projects.
She went on saying that the government is keen to communicate with the private sector and non-governmental organizations to implement the national sustainable development plan.
She pointed out to the Egyptian investment map that her ministry has launched. The map features all investment opportunities in various fields nationwide, she stressed.
For their part, representatives of the Chinese companies voiced keenness on pumping fresh investments into the Egyptian market in the coming period, praising steps that Egypt has adopted to improve the business climate.