Hossam Heiba, President of Egypt’s General Authority of Free Zones & Investment, visits EuP Egypt Factory. (Photo: VNA)Cairo (VNA) - Vietnam's European Plastics Joint StockCompany (EuP) has inaugurated a factory specialising in producing fillermasterbatch in Sadat city,Menoufaya province of Egypt, marking the first factory of aVietnamese enterprise in the Middle East country.
The EuPEgypt factory was built on an area of more than 34,000 sq.m with an investment of 30 million USD. It is designed to have 24 production lines with a total capacity of 300,000 tonnes a year, creating jobs for more than300 local workers. Its products will serve the Egyptian market andexports to the Middle East, Africa, Europe and America.
Founded in August 2022 in Egypt with 100% investment capitalfrom Vietnam, EuP Egypt Industries Company, a subsidiary of EuP, has an ambition to expand markets and become a multinational company.
Vietnamese Ambassador to Egypt Nguyen Huy Dung (second from the right) and Chairman of the Egyptian Investment Management Authority and Processing Zones Hossam Heiba (third from the right) cut the ribbon to inaugurate the factory. (Photo: VNA)Speaking at the inaugural ceremony on January 15, Hoang QuocHuy, Chairman of the Board of Directors of EuP, said the EuP Egypt factory is animportant step in the company’s expansion strategy, adding thatit is a symbol of cooperation and development between Vietnam and Egypt.
Hossam Heiba, President of Egypt’s General Authority of FreeZones & Investment (GAFI), highlighted the significance of the factory as the first project of aVietnamese enterprise in Egypt, saying it reflects the Egyptian Government's efforts toattract foreign investors.
He affirmed that Egypt will always encourage and protectforeign investors, including Vietnamese ones. He also expected that more Vietnamesebusinesses will invest in his country./.
