INDORAMA TO CONSTRUCT US$700M PLANT IN EGYPT

Indorama Corporation, an Asian chemical firm, wants to establish two phosphate fertilizers and mineral silicon factories for solar panels, with investments worth $700 million. Prime Minister Mostafa Madbouly reviewed their proposal during a meeting with Minister of Petroleum Tarek El-Molla Minister of Planning Hala El-Said, and Minister of Trade and Industry Ahmed Samir alongside other senior officials.

The petroleum minister said there is a chance for partnership with Indorama, noting that the raw materials for the two factories are available.

During the meeting, Madbouly also called for the preparation of draft laws and decisions to implement the Egyptian president’s recent decision to offer a package of incentives for targeted industries to be reviewed by the cabinet and then referred to the parliament.

Egyptian President Abdel Fattah El-Sisi directed the Egyptian Cabinet to issue a new package of incentives to back local strategic industrial projects.

The package of incentives includes exempting projects that target strategic industries from all types of taxes, except the value-added tax, for 5 years. The incentives package also includes extending the golden license for projects aimed at advancing local industrialization

SOURCE: EgyptToday