Recognizing its vital strategic location, the Golden Triangle Economic Development Project has been identified as a major national project of highest importance, he added
Prime Minister Mostafa Madbouly and Adel Saeed, the Chairperson of the General Authority for the Golden Triangle Economic Zone (GTEZ), recently met to discuss the progress of the Golden Triangle development project in the Eastern Desert.
The Prime Minister began the meeting by reiterating the Egyptian State's unwavering commitment to achieving its ambitious plans for the region's development, according to an official statement.
Recognizing its vital strategic location, the Golden Triangle Economic Development Project has been identified as a major national project of the highest importance, he added.
During the meeting, special attention was given to the Safaga region, prioritizing it as a crucial phase in the Golden Triangle Economic Development Project. Madbouly also called for calculating the cost of providing essential infrastructure to this area, as various investors have expressed interest in establishing diverse projects in the region.
Saeed explained the investment opportunities in the economic zone through a study prepared by a specialized company in this field, pointing out that the region has been divided into several activities, including industrial, agricultural, tourism, and renewable energy.
The Government of Egypt has set its sights on developing the Golden Triangle Economic Zone (GTEZ), established in late 2017, encompassing Qena, Safaga, and Al Qusair, considered one of the richest areas of mining sources in Egypt, accounting for 75% of the country’s mining minerals.
The objectives of this development include facilitating mineral extraction activities, establishing industrial facilities, creating tourist zones, establishing a commercial hub, enhancing agricultural areas, and developing various urban areas. The infrastructure will be reevaluated and improved to align with these developmental goals.
The Golden Triangle lies on the outskirts of Qena and is home to Abou Tartour, a mining area that holds the largest phosphate reserves in Egypt, estimated at almost a billion tons of phosphate rock.
For industrial activities, designated land has been allocated in Safaga's industrial zone 9.1 for the implementation of industrial projects. The agricultural sector comprises four areas, with a significant focus on Qena Governorate and utilizing groundwater resources.
The study also identified suitable locations for solar and wind power plants. The authorities have reached out to the new and renewable power board to explore these projects further, the statement explained. Additionally, logistic activities will play a significant role in the economic zone's development.
Spokesperson for Egypt's cabinet, Ambassador Nader Saad, stated that the meeting entailed a comprehensive review of the various strategies for the Golden Triangle Economic Zone in the upcoming phase, and explored potential incentives to encourage investment and attract investors to the area.
