Trade and Industry Minister Amr Nassar and South Sinai Governor Khalid Fouda discussed on Wednesday Sinai development plan and a project to upgrade the industrial area in South Sinai’s Abu Zenima city.
The project is carried out in cooperation with the Industrial Development Authority (IDA) and the National Organization for Military Production (NOMP).
In a statement, Nassar asserted the government’s keenness on offering all support to major projects, particularly projects that help secure more jobs and enhance competitiveness of Egyptian products.
The minister further noted that Abu Zenima industrial zone is stretched over an area of 4,000 feddans and is rich in raw stone materials and minerals.
For his part, the governor said the project is expected to lure LE 5 billion in investments and secure 7,835 direct jobs and 23,505 indirect jobs.
On November 25, 2017, a memorandum of understanding was signed by IDA, NOMP, Sinai governorate and the Chinese Group CGCOC to develop the industrial zone in Abu Zenima.
Under the agreement, the Egyptian sides will benefit from the Chinese know-how in the management of export zones.
The industrial zone in Abu Zenima will significantly increase investment opportunities and create new job openings in South Sinai, a matter that will have a positive impact on Egypt’s economy.