Egyptian President Abdel Fattah El Sisi called on the Italian government to examine means of expediting the implementation of the remaining stages of the quartz production complex in Ain Sokhna, in Suez governorate.
President Sisi made such remarks on the sidelines of inauguration of a quartz production complex in Ain Sokhna on Thursday, in the presence of Prime Minister Moustafa Madbouli along with a host of ministers and senior statesmen.
In his speech during the inauguration ceremony, the President said that Egypt would hold contacts with the Italian government, ambassador and the Italian company on means of finalising the project as soon as possible.
The President added that Egypt would secure required Egyptian component for the project.
President Sisi also said Egypt is ready to communicate at the highest level with the Italian government to support investment in the remaining stages of the quartz production complex through pioneering Italian companies.
The President stressed Egypt’s commitment to provide the required funds for civil works and administrative procedures, thanking the private sector and investors in Egypt.
He said the feasibility study and data of the project show that it will achieve great success and bring in significant revenues.
Sisi added that Egypt has the raw material that helps it to localise industry and cut imports.
President Sisi also urged the government to remove all obstacles facing Egyptian and foreign investors in order to utilise opportunities that would help boost production and exports, reduce imports and create new job opportunities through injecting fresh investments.
The estimated cost of the three stages of the project stands at US$ 700 million, the president said, noting that feasibility studies of the project outlined the costs it would save by cutting down the imports.
The recently-inaugurated projects are open for prospective Egyptian and foreign investors as well as stock market investments, the president said.
Head of the Egyptian Company for Mining, Management and Exploitation of Quarries Abdel Salam Shafiq said that the quartz production complex is a new great industrial addition to the state’s comprehensive development plan.
Shafiq lauded the great comprehensive development steps taken by Egypt over the past years to optimise the use of mineral wealth.
He said that the Egyptian Company for Mining provides crude phosphate to fertiliser companies to yield 500,000 tonnes of production capacity per year.
He also praised the establishment of six industrial complexes for marble and granite with a production capacity of 10 million square metres a year in co-operation with major international companies.
Such great steps contribute to increasing national income through providing foreign currencies, meeting needs of local markets and bridging the exports gap, he reiterated.
The quartz production project is the first of its kind in Egypt, Arab and African countries with integrated production processes to use quartz in several industrial, medical, hotel and household domains, he said.
Shafiq explained that the project has one mine and five factories in Marsa Alam city. The mine has a reserve of 3.5 million tons.
Two of the factories within the project yield a production capacity of 140,000 tons annually.
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