Cypriot MEDOCHEMIE pharmaceutical company seeks investing €20m in Egypt to launch a factory on an area of 10,000 sqm, according to Ahmed Abdel Razek Head of Industrial Development Authority (IDA).
MEDOCHEMIE, established in 1976 in Cyprus, has nine pharmaceutical plants in Cyprus, as well as a factory in the Netherlands and three factories in Vietnam.
Abdel Razek said that the company expressed an interest to expand in the Middle East and North Africa through the establishment of a new plant in Egypt depending on local employment.
Abdel Razek explained that the required area of the project is 10,000 sqm in one of the industrial areas near the ports and the Suez Canal axis, where the company aims to export its entire production to the parent company in Cyprus.
Abdel Razek presented the investment incentives package and the facilities that the company will receive in Egypt in a way that guarantees its success in the future and continuity, especially with the legislative amendments recently approved in the field of issuing industrial licenses and the unprecedented facilitations in ending the procedures and unifying the deal through the IDA.
He pointed out that the IDA has launched 16 million sqm of land in one year within the framework of the Ministry of Trade and Industry’s strategy to provide 60 million sqm of industrial land to investors until 2020.
“In 2019, the IDA will meet the full needs of the land and meet all the needs of manufacturers, which represents a great success in overcoming one of the biggest challenges of industrial development, which is to provide the land with connected facilities,” added Abdel Razek.
IDA and MEDOCHEMIE agreed to nominate a number of industrial zones and offer them to the company suitable for the establishment of the project, with the preparation of the company for an integrated study of the project in the next few days.
