Chinese investor to establish household utensil painting factory in Badr City
Updated 10/3/2024 3:12:00 PMArab Finance: Egypt's Chamber of Engineering Industries has agreed with a Chinese investor to set up a factory for painting household utensils in Badr City, Tarek Abdeen, a board member of the chamber told Al Borsa News.
This initiative is part of the chamber's strategy to localize imported industries.
Abdeen added that the investor is nearing completion of the necessary procedures to secure a 2,000-square-meter site for the factory, which is expected to begin operations next year.
He explained that the sector’s factories have recently reached out to foreign companies to support the establishment of this new factory.
The aim is to reduce dependency on imported raw materials and increase the local component in the final products to 100% over time.
Currently, the import volume of paint materials for household utensils factories is around $500,000 per factory annually, but with the new factory, imports are projected to decrease to 20%.
The factory will also focus on gradually increasing the production capacity of paint materials to meet local factories' needs.
In the first half (H1) of this year, the engineering industries sector's exports surged by 28.6%, totaling approximately $2.6 billion, compared to $2 billion during the same period in 2023.
Abdeen, who is also the chairman of Abdeen Housewares Company, revealed plans to establish a trading company in Saudi Arabia next year.
This new venture will specialize in marketing products throughout the Kingdom and Gulf countries, with the aim of increasing exports to Saudi Arabia.
Abdeen Housewares Company, founded in 1960, operates two factories: one in the Tenth of Ramadan industrial zone, covering 3,000 square meters, and the other in Mit Ghamr, spanning 20,000 square meters.
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