Egypt’s PM discusses more investment opportunities with chiefs of Chinese companies in grain silos, renewable energies, EVs

CAIRO – 6 September 2024: Egyptian Prime Minister Moustafa Mabdouly met with several representatives of Chinese companies, at the sidelines of the Forum on China–Africa Cooperation in Beijing on Friday, said the Egyptian Cabinet in statements. The meetings were held in the presence of the head of the General Authority for the Suez Canal Economic Zone (SCZone) Walid Gamal-Eldin.

Madbouly met with Dai Jun, the Chairman of the Board of Directors of the global "Famsun Agrifam" Group, which will- in cooperation with Mostaqbal Misr Company- grain silos with storage capacity of 500,000 tons in Egypt’s New Delta.

The Prime Minister “praised the company's major projects in Egypt, including manufacturing food silos and its presence in the Suez Canal Economic Zone.”

Dai Jun highlighted the company’s achievements in Egypt, noting the addition of storage capacity of up to 5 million tons and the expansion of projects aimed at enhancing food security and creating job opportunities.

Additionally, the Egyptian Prime Minister met with the chairman of the China-Egypt TEDA, noting that the Egyptian government is ready to support the expansion of the company’s investments through allocating more lands along the Red Sea coasts and the Mediterranean Sea city of Al Alamein.

Mabdouly said he is looking forward to attracting more TEDA’s advanced technological projects like the electric cars, and renewable energies.

The China-Egypt TEDA is expected to be cooperated with 200 other companies with investments of $3.5 billion

Moreover, Madbouly met with Jin He, the CEO of China Southern Glass Company (CSG Holding) a solar cell glass manufacturer, on the sidelines of his participation in the activities of the China-Africa Cooperation Forum hosted by Beijing.

Madbouly confirmed Egypt’s support for the company's two projects, namely the photovoltaic glass manufacturing project (used in solar panels) and the photovoltaic energy units and batteries project.

Meanwhile, Prime Minister, met with Jack Wei, Chairman of the Board of Directors of Great Wall Motors, a Chinese company specialized in the manufacture of cars and trucks. The Meeting was also attended by Gamal-Eldin, Chairman of the General Authority of the Suez Canal Economic Zone, and the Egyptian Ambassador to Beijing, Assem Hanafi.

The company started studying the Egyptian market since last March, based on the fact that it has a great interest in investing in Egypt. After studying the Egyptian market, the company intends to manufacture a car in Egypt that suits the increasing demand for it.

The Chinese government also supports and encourages Chinese companies and institutions to enter the Egyptian market, said Jack Wei. He pointed out that this project will provide about 4,000 job opportunities.

Madbouly voiced Egypt’s interest in manufacturing electric cars, shed light on Egypt’s interest in localization of car industry. He added that if the company took the final decision to enter the Egyptian market a plot of land will be allocated for its project.

Also, Prime Minister of Egypt, met today with Mr. Zhu Hongbing, Vice Chairman and General Manager of Henan Investment Company, which is the investment arm of Henan Province in China.

Zhu expressed his interest in the company's activities and the sectors in which it operates. He also discussed the support that the Egyptian government can offer to encourage Henan Investment Company to invest in Egypt.

Madbouly outlined the Egyptian government's plans to increase the share of renewable energy in the national energy to 42% in the coming years. He also highlighted Egypt's efforts in electrical interconnection with neighboring countries to strengthen the national electricity grid.

Madbouly also discussed opportunities in the electric car industry, pointing out that Egypt has enacted legislation to support the localization of this sector, including incentives for manufacturers.

Additionally, he highlighted Egypt's expansion in water desalination, presenting it as another potential investment area for the company, particularly in manufacturing components for desalination projects.

Factory for Bromine Ore Production in Egypt

The Egyptian General Authority of Suez Canal Economic Zone (SCZones) and the and Chinese Shandong Tianyi Chemical Corporation signed a contract per which the company would establish an industrial complex for extracting Bromine element from the process of desalination at SCZONE, said the Egyptian Cabinet in a statement on Friday.

Egyptian Prime Minister Moustafa Madbouly witnessed the signing of a $110 million investment contract on the sidelines of the Forum on China–Africa Cooperation in Beijing.

The project is the first of its kind in the Middle East and North Africa and comes in light of President Abdel Fattah El Sisi’s directives to localize the Bromine industry, said Walid Gamal-Eldin, the chief of the SCZone General Authority.

Under the contract, high saline water will be imported for producing the Bromine. According to the contract, an 80,000-square-meter plot of land has been allocated to establish the factory for producing the Bromine ore next to a desalination water plant.

Bromine is used in a variety of applications, including flame retardants, water treatment chemicals, insect repellents, photographic chemicals, fragrances, and dyes.