By Menna Zaki
Minister of Internal Trade, Industry and Investment Mounir Fakhry Abdel Nour announced Sunday the inauguration of the first phase of a new plant to produce fiberglass with Chinese investments that reach $235m, which will provide 2,000 job opportunities.
During the first stage of development, up to 80% of the plant’s fiberglass production will be exported, according the Sunday statement by the ministry.
Hassan Fahmy, chairman of the General Authority for Investment and Free Zones, said the new plant reflects the trust of Chinese investors in the Egyptian market, as their number has reached 1,195 companies with total investments worth $535m.
Nevine Al Shafei, vice chairman of the Egyptian General Authority for Investments, said that in the short term the method to increase investment will be to focus on the expansion of current investments.
Al Shafei added that “hopefully” the investments would increase after the presidential elections, as this would be an indication that the economic situation is stabilising and that Egypt is moving forward in line with its transitional roadmap.
Earlier this month, Fahmy stated during his speech at the “Business Climate Reforms in Egypt” conference that foreign direct investments registered $2.8bn in the first half of the fiscal year 2013/2014, compared to only a total of $3bn in fiscal year 2012/2013.