AIN SOKHNA- Egyptian President Abdel Fattah El Sisi on Thursday urged the government to remove all hindrances facing Egyptian and foreign investors in order to utilise opportunities that would enable boosting production and exports, lowering imports along with creating new job opportunities through injecting fresh investments.
President Sisi made the remarks on the sidelines of opening a quartz production complex in Ain Sokhna, Suez governorate, in the presence of Prime Minister Mostafa Madbouli along with a set of ministers and senior statesmen.
The estimated cost of the three stages of the project stands at dollars 700 million, the president said, noting that feasibility studies of the project outlined the costs it would save by cutting down the imports as well the expected revenues of importing the output.
The recently-inaugurated projects are open for prospective Egyptian and foreign investors as well stock market investments, the president said.
President Sisi underscored eagerness on removing obstacles facing the Egyptian mineral resources authority (EMRA) as well other similar institutions.
He asserted the necessity of probing ways of manufacturing quartz by local components instead of the imported ones.
The quartz complex is one the key investment opportunities in Egypt, Sisi said. The president called on Prime Minister Mostafa Madbouli to grant an opportunity for the private sector to inject investments in the project.
The president asserted the significance of holding meetings with mining expert, with a view to encouraging them to pump investments in the quartz complex.
The state is willing to undertake the second and third stage of the quartz complex, Sisi said, calling on the prospective investors to utilise potential investment opportunities in this vital domain.
The high cost of setting up the quartz complex, which stands at dollars 700 million, would be regained by the state within three or four years in revenues of the mega project, president Sisi said.
The project aims to develop and localise the mining industry in Egypt in order secure foreign currency and create more job opportunities for youths.
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