The ministerial group for industrial development approved three new manufacturing projects with a combined investment of USD 216.5 mn, according to a statement. The companies behind the projects were not disclosed. The approved projects include:

  • A USD 108 mn PVC sheets and flooring manufacturing project in New Alamein, expected to create over 2.2k jobs;
  • A USD 78.5 mn textile manufacturing project in Tenth of Ramadan, set to create 4k jobs;
  • A USD 30 mn ready-made garments factory in the medium industries zone of New Beni Suef, projected to generate 9k jobs.

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Looking ahead, the government plans to scale up industrial investment in the governorates of Beni Suef, Minya, and Fayoum, seeing as they boast a high concentration of skilled labor. As part of this push, the Industry Ministry has launched two integrated textile cities, one in Minya and another in Fayoum, the statement read.

REMEMBER- Industry and Transport Minister Kamel El Wazir announced plans to set up two integrated textile industrial zones in Minya and Fayoum at a total cost of EGP 27 bn back in April. The two zones are expected to bring in some USD 3 bn in local and foreign investment.

A joint technical committee will be formed to assess the restructuring of the Industrial Land Support Fund. The committee will review service delivery to unserviced industrial areas and propose administrative, financial, and technical reforms.

The textiles and garments sector has been seeing a lot of interest from foreign investors. Just this summer we saw Turkish firm Bony announce its USD 100 mn textile factory in Elsewedy’s Tenth of Ramadan Industrial Zone and Hong Kong-based Crystal Martin Group’s unveil plans to build ready-made garments and textile factory.

IN OTHER INVESTMENT NEWS-

Fujikura eyes USD 100 mn auto parts plant: Japanese electrical equipment manufacturer Fujikura has reportedly put in a request for a 10k sqm ready-built factory in Alexandria to produce electrical components for vehicles, government sources told Al Arabiya. The company plans to invest USD 70-100 mn on the facility, which will dedicate its entire output to exports, mainly to Europe.

REMEMBER- The Madbouly government has been working to localize auto feeder industries as part of wider efforts to boost local production and assembly.

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