Egyptian painting sector eyes $6bn investments in 8 years: Chamber

Chemical Industries Chamber at Federation of Egyptian Industries (FEI) plans attracting new investments of US$5-6 billion to paintings sector within the upcoming eight years.

Chamber’s Head Sherif El-Gabaly stated Thursday that painting sector is one of the most attracting sectors for the new investments due to the availability of raw materials in local markets.

The official made these remarks in his speech at the closing session of the conference held by trade ministry to announce its new strategy for enhancing foreign trade and industrial development.

Plastics, paper industries, and detergents sectors are highly expected to attract more new investments, the chairman clarified, pointing out to the necessity of upgrading plastic sector.

He asserted that banking sector should provide factories with dollar liquidity notably after the decision of the Central Bank to float Egyptian pound and liberalising exchange rate.

The Chairman added that establishing more chemical complexes would participate in achieving growth in Small- and Medium-sized Enterprises (SMEs) sector.