Egyptian Minister of Industry and Foreign Trade Hatem Saleh discussed with officials of an undisclosed major UAE industrial manufacturer and sugar producer, plans of establishing a $500 million industrial complex to boost local production of quality white sugar.
Based on talks, the sugar plant is expected to have a 400,000 ton-capacity output.
The project aims at reducing Egypt’s dependence on imported sugar, considering the strain on its already overstretched budget.
Top on the list of goals of Egypt’s government is the attraction of foreign investment.
The revolution that ousted Egypt’s former president stalled economic activities in the country, forcing foreign investors out and plummeting the capitalization of its stock exchange.
Saleh also reviewed with the UAE group the establishment of an agricultural project at 200,000 feddans to cultivate beets and other crops such as wheat.
According to online news service All Africa, the Egyptian ministry said in an official statement Tuesday, that the project is the largest investment, agricultural and industrial venture in Egypt.