Global Arab Network | Egyptian, Italian and Belgian investments for 3 major projects in Alexandria

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Egyptian, Italian and Belgian investments for 3 major projects in Alexandria

Monday, 19 July 2010 20:54

Egyptian Minister of Trade and Industry Rachid Mohamed Rachid inaugurated three major industrial projects at total foreign investment costs of LE 1.1 billion.

The projects, located in al-Nahda and al-Max industrial zones, were funded by Egyptian, Italian and Belgian investments.

Rachid started his tour with opening the expansions of the Alexandria-based factory of the biggest Italian company operating in Egypt, Pirelli Tire.

The expansion of the 1.5-billion-pound factory cost LE245 million and will provide 300 new job opportunities.

He said that Pirelli operations in Egypt reflect the success of the Italian investments in the country.

The company is utilizing up-to-date quality standards and has trained most of its Egyptian workers in its main plants in Italy, the minister said.

Rachid also opened the first Egyptian polyethylene and propylene plant with Egyptian investments amounting to LE120 million.

The plant's exports reached LE50 million annually, and will amount to LE200 million per year after installing the new expansions, the minister said.

The new projects came within a national strategy to ratchet up the country's exports to LE200 billion by 2012, he said.

Rachid also opened the expansions of the largest Belgian project in Egypt, Alexandria Sodium Carbonate Company.

The Belgian investments in the project amounted to LE760 million. The plant produces 90,000 tons annually and employs 630 workers.(SIS)

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