General Print to invest 150mn pounds in Egypt within 2yrs: minister

Egypt’s General Print Company for Printing and Packaging Materials seeks to invest 150 million Egyptian pounds ($8.5 million) within the next two years, said Industry and Trade Minister Tarek Qabil on Saturday.

Qabil further made his remarks during opening a new production line for the company, with total investments estimated at 100 million pounds.

The Egyptian minister has also inaugurated a factory for the production of smart metres in the industrial zone in Sixth of October City, with investments of 50 million pounds.

“The company’s annual sales are worth around 150 million pounds and its total annual exports reach 55 million pounds,” Qabil stated, adding that General Print also plans to increase its capital to 250 million pounds within the upcoming two years.

“The ministry (Trade and Industry) is keen on developing printing and packaging materials sector, which is one of the most important sectors in the national industries,” Qabil said, elaborating that it serves a number of industries and productive sectors in Egypt.

Trade Ministry has established an export council for printing and packaging papers, the Egyptian minister referred, aiming at boosting the sector’s exports to reach $2.5 million within 2020.