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Egypt to establish two industrial zones in Libya: Egypt is moving forward with plans to set up two industrial zones in Libya with investments of USD 250 mn, member of Federation of Egyptian Industries’ Arab Cooperation Committee Alaa Nasr told EnterpriseAM, explaining that 22 local players have already expressed interest in setting up shop in the new zones and more are expected to follow in their footsteps.
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As things stand: The Egyptian side has secured a 1.2 mn sqm plot to set up the zones on, he said.
We knew this was coming: Last October, Benghazi hosted a delegation from the Federation of Egyptian Industries for the Libyan-Egyptian Industrial and Trade Forum, during which Omar Abdel Aziz, Head of the FEI’s Foundries Division said he is setting up an industrial complex in Tripoli with Wazan for Steel and Metal Company, as well as another complex in Benghazi.
Just scratching the surface: The two zones top the list of agreements signed during the visit, which you can check out in detail in our coverage of the story here.
How will it work? Local investors looking to enter the Libyan market are in the process of setting up a JV to facilitate partnerships with Libyan players, committee head Mohamed El Bahy told EnterpriseAM.
Key sectors: While the 22 local players interested in setting up factories in the new zones span various sectors, some of the most notable include steel, chemicals, wood, furniture, lighting systems, and engineering industries, El Bahy said.
We know one of the companies involved: Plastics and acrylic manufacturer Rubex is one of the local players setting up shop in the Libyan industrial zones, according to an EGX disclosure (pdf). The company will also start taking the necessary steps to set up a branch in the neighboring country.
Why Libya? Libya offers an investment-friendly environment, on top of its extremely cheap energy prices, making it an attractive investment destination for energy-intensive industries like iron, cement, and ceramics, El Bahy told us last year.
