China’s Zhengbang Group plans injecting investments estimated at 650 million Egyptian pounds (US$ 73.2 million) to establish four industrial projects in Egypt.
Chairman of the Egyptian Industrial Development Authority (IDA) Ismail Gaber stated Wednesday that the four projects are set to provide around 1,000 new job opportunities.
Gaber made these remarks during laying the cornerstone of Zhengbang’s factory in Egypt for producing poultry fodders with investments worth 130 million pounds in industrial developer zone in 6th of October City.
The official noted that the new factory is the first new investment to be executed inside the Egyptian market, emphasising on government’s keenness to remove all obstacles that face investors.
The government also exerting efforts to facilitate procedures for investors whether to establish new projects or to expand their existent ones, the chairman said.
Gaber added that Zhengbang’s poultry fodders factory will be built on the space of 20,000 meters and set to be finished next October to operate with the capacity of 180,000 tonnes annually.
The production of the factory will be totally dedicated for the Egyptian market, he clarified.
Zhengbang Group is a national key agricultural industrialization leading enterprise and the largest agricultural enterprise in China.
Its business includes animal husbandry, crop planting, agricultural materials marketing, circulation industry and financial industry.