Trade and Industry Minister Tareq Qabil opened on Thursday two factories for processing Polyester fibers, with Egyptian-Korean investments amounting to EGP 200 million.

The opening of the new factories, which will secure 340 direct jobs, falls within the Trade Ministry's strategy of maximizing the percentage of the local component in domestic products.

During his inauguration of the factories, Qabil stressed his ministry's keenness on supporting all industrial sectors and promoting their presence in local and foreign markets.

The minister further stressed that developing the textile industry sector is a top priority for the government. 

As for the infrastructure of the industrial sectors in the Upper Egyptian governorate of Beni Suef, the minister said there are three industrial zones stretching over an area of 5,132 feddans.

Nearly EGP 723 million were allocated for providing utilities to these zones, the minister noted. 

Qabil also laid the foundation stone of an integrated industrial complex for the production of household appliances. The complex stretched over an area of 150,000 square meters, with a total investment estimated at EGP 2.4 billion.

Source: MENA