Minister of Trade and Industry Tarek Kabil said that the Chinese Jushi Egypt For Fiberglass Industry is starting its fourth phase of production, which includes grinding raw materials and manufacturing packaging materials locally, with investments worth $60m.
The minister said during his meeting with the company’s chairperson and the accompanying Chinese delegation that the construction process and starting actual operation of this phase will begin within the next few months.
Jushi fiberglass factory is established on an area of 146,000sqm, with investments worth $520m. It produces about 200,000 tonnes annually and provides 2,000 direct jobs, according to the minister.
According to Kabil, the factory allocated 99% of its production for export, which contributed to ranking Egypt as the third biggest country for fiberglass production across the world after the US and China.
Jushi Egypt chairperson said that his company will sign a cooperation agreement with the National Research Institute to establish a research centre for composite materials in Egypt at the end of this month in order to contribute to develop the fiberglass industry in the Egyptian market.
He added that in March, Jushi will hold a ceremony for the company’s production reaching 200,000 tonnes annually, joined by the company’s clients in Europe and the US.
The opening is considered a great opportunity to exhibit investment and trade opportunities in the Egyptian market before international investors who will be taking part in the ceremony, to encourage them to enter the Egyptian market and inject more direct investments over the coming period, according to Jushi chairperson.
Chinese Jushi factory starts fourth phase of Fiberglass factory with investments worth $60m
