Egypt's PM inaugurates 1st production line of 'high barrier films'

CAIRO – 20 December 2021: Prime Minister Mostafa Madbouli attended Monday the inauguration of a new production line introduced by Flex P Films, a joint venture between the Indian company Uflex and the General Authority for Free Zones and Investment (GAFI) that was launched in 2009.

The line - located at the firm's factory spanning over 106,000 square meters in 6th of October Investment and Development Zone – is the first of its kind in the Middle East as it produces high barrier films, and its investment cost is $100 million.

The investments of Flex P Films are worth $200 million, producing 125 tons of plastics annually, and exporting 60 percent of production to 60 countries with a turnover of $190 million per annum. The company, which secures 2,150 jobs, is preparing to establish a petrochemicals factory at $30 million.

Prime Minister Madbouli noted that the government supported the private sector during the pandemic to sustain its ability to contribute to growth and production, asserting that its role is pivotal for recovery.

The prime minister further underscored that all the factories in the 6th of October Investment and Development Zone produce in large quantities fulfilling local needs, and exporting a big portion of their output.

Madbouli pointed out to President Abdel Fatah al-Sisi's instructions to enlarging the role of the private sector in growth while deepening the share of local components and modernizing industrial processes.

The prime minister told reporters on the sidelines that the government is backing the private sector for a myriad of reasons, with the major ones being the need to reduce imports of production inputs, and to create jobs for 700,000 young men and women per year.

Madbouli had also visited the Industrial Development Group (IDG), which has developed 22 million square meters since 2008. Those encompass 192 investors, 81 operating factories, and 28 others that are still under construction.

The entity has also established the National Academy for Science and Skills (NASS) specialized in vocational training. That is in addition to other services like meeting halls, and transportation to and from the different industrial zones it runs.