Madbouly calls for polyester industry expansion

Updated 7/29/2024 3:21:00 PM

Arab Finance: Prime Minister Mostafa Madbouly has directed the government to pay attention to the polyester industry, according to a statement.

He also asserted the government's readiness to support any expansions of the existing polyester factory or the establishment of a new factory in partnership with the private sector.

This announcement came during a meeting with the Minister of Public Business Sector Mohamed Shimy. They discussed the progress of industrial development projects in the textile, aluminum, and automotive sectors.

During the meeting, Shimy presented a detailed report on the status of the development projects, highlighting the consolidation of the Holding Company for Cotton and Textiles’ (CTIHC) affiliated companies from 31 to 9 companies, with the establishment of a specialized sales and marketing company.

Shimy also provided an update on the development of ginning mills owned by Misr for Cotton Trading and Ginning Company, which has 25 ginning mills spread across the country.

Regarding future projects of Egypt Aluminum Company (Egyptalum), Shimy referred to the establishment of an alumina refinery with a capacity of 2 million tons annually.

This project aims to meet the company's needs of alumina, estimated at 600,000 tons annually at a value of $250 million, with the surplus being exported.

Additionally, a new production line with a capacity of 200,000 tons is planned to replace 60% of current imports worth $180 million, increasing Egyptalum's production capacity to 510,000 tons annually.

This along with building a new aluminum factory with a capacity of 600,000 tons to eliminate 100% of imports, address the local market shortage, and boost Egypt's production capacity. This project will generate an export surplus of 447,000 tons, with projected revenues of $1.2 billion.