The foundation stone for China’s Guangzhou Goodsense factory has been laid, with an Egyptian-Saudi-Chinese capital of $100 million to manufacture aluminum composite panel, Industrial Development Authority head Ahmed Abdel Razek said.
The factory is located in the industrial zone of Ataqa in Suez Governorate, spanning over a 16,000 square-metre area. it will be with annual production capacity of 3 million meter during the first phase which represents 70 percent of the local market need.
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 an production of goods at economical prices for more than 1.6 billion consumers.
The Egyptian partner for the project is WellBond, which is an Egyptian-Saudi company manufacturing aluminum composite panel, currently produces 600,000 metres per year covering 8-9 percent of Egyptian market’s needs.
The new factory will be operated by next July with Egyptian investments of 25 percent, Chinese investments of 30 percent and Saudi investments of 45 percents.