$250 Million Chinese Investment in Egypt

Mr. Sung Ms. Itoh, the Chinese ambassador Cairo Oalnan Egypt has entered a new stage of development and that Chinese companies operating in Egypt did not withdraw after the revolution of January 25 but resumed work after the return of the Egyptian conditions to normal.

He said the project fiberglass company "Jayyousi" in the Suez development area for development steadily, and investments totaled $ 600 million project will provide thousand jobs after the completion of the first phase of the project during the current year. The Chinese ambassador said in Cairo, said that these projects will contribute to bridging the gaps industrial in Egypt and left fingerprints positive for the rehabilitation of Egyptian Industries and confirmed Sung Ms. Itoh, that there turnout of Chinese businessmen to Egypt to study the market and provide investment and cooperation and the establishment of factories in the fields of electricity, transport and equipment.

He announced Cao Tu Rong Vice Chairman of the Board of Directors (Jiu Shi) of the fiber glass, that the project fills a void in Egypt, and it is expected the project enters into production in July.

The company has decided that Egypt will be the headquarters of the first production base for glass fibers overseas capacity of 80 thousand tons per year. Cao said Tu Rong said the company had visited the United States, Malaysia, India and other countries, but may choose to invest in Egypt due to various reasons, including geographical location of its proximity to Europe and the Suez Canal, as it is a state rich in silicon, in addition to the price of natural gas and electricity in Egypt is relatively low.