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$30mln project is the first 100% Vietnamese investment in Egypt
Vietnam-based EuroPlas (EuP), the world’s largest filler masterbatch manufacturer, opened the first phase of its production plant in Egypt in Sadat City
The project, which is the first 100 percent Vietnamese investment in Egypt, was inaugurated by Hossam Heiba, CEO, General Authority for Investment and Free Zones (GAFI).
Phase 1, set up at investment of $30 million, will have an annual capacity of 300,000 tonnes, GAFI said in a press statement on Wednesday.
Filler masterbatch is used in the manufacture of plastic pipes, bags and other plastic products, and the factory will cater to the needs of the domestic and export markets.
Hossam Heiba said the start of operations at EuP Egypt opens the door for more Vietnamese investments into the Egyptian market.
Hoang Quoc Huy, Chairman of EuP, said the company currently operates eight factories in Vietnam with a production capacity of 600,000 tonnes per annum and revenues of $250 million.
He said the plant in Egypt is an extension of the company’s operations in Vietnam and will facilitate the transfer of its technological expertise and professionalism to the Egyptian market. |
