China’s Guangzhou Goodsense Decorative Building Materials Co. Ltd. is set to establish a new factory in Egypt with an Egyptian-Saudi-Chinese capital of $100 million to manufacture aluminum composite panels, Trade Minister Tarek Kabil announced.
In an official press statement by the ministry, Kabil said that the government will allocate a 16,000 square-meter area in the industrial zone of Ataqa in Suez Governorate.
The Chinese company aims to “benefit from the available major competitive advantages represented in the [Egyptian] market that exceeds 90 million consumers, and also benefit from several free trade agreements signed between Egypt and several countries and main economic clusters worldwide, which allows for a production of goods at economical prices for more than 1.6 billion consumers,” the statement reads.
According to Kabil, the Egyptian partner for the project is WellBond, which is an Egyptian-Saudi company manufacturing aluminum composite panel, currently produces 600,000 meters per year covering 8-9 percent of Egyptian market’s needs.
Ahram Online
22 January
