The petroleum minister said there is a chance for partnership with Indorama, noting that the raw materials for the two factories are available.
Prime Minister Mostafa Madbouly reviewed a proposal by Indorama Corporation to establish two factories of phosphate fertilizers and mineral silicon for manufacturing solar panels, with investments worth $700 million.
Madbouly reviewed this proposal in a meeting that was attended by Petroleum Minister Tarek El-Molla and planning minister Hala El-Said, and Trade and Industry Minister Ahmed Samir alongside other senior officials.
The petroleum minister said there is a chance for partnership with Indorama, noting that the raw materials for the two factories are available.
During the meeting, Madbouly also directed to swiftly prepare draft laws and decisions for implementing the president's recent directives on offering a package of incentives for targeted industries in order to be reviewed by the cabinet, then referred to the parliament.
Egyptian President Abdel Fattah El-Sisi directed the Egyptian Cabinet to issue a new package of incentives to back local strategic industrial projects.
The package of incentives includes exempting projects that target strategic industries from all types of taxes, except the value-added tax, for 5 years. The incentives package also includes extending the golden license for projects aimed at advancing local industrialization.
