Saint-Gobain plans to make new investments in the Egyptian market, and praises the attractive investment climate and elements
Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), met with Mr. Hady Nassif, CEO of Saint-Gobain for Eastern Mediterranean and Middle East, during his visit to Egypt, and Mr. Ahmed Wafik, CEO of Saint-Gobain Egypt, to discuss the company's expansion plan in the Egyptian market by establishing two factories for flat glass, gypsum and construction materials with advanced technology during the next three years.
During the meeting, Abdel Wahab stressed GAFI's keenness to provide all kinds of support to Saint-Gobain, to implement its investment expansions by completing all procedures in the shortest time. Moreover, he pointed out that the government gives a high priority to industrialization, technology transfer, creation of new job opportunities and increase of exports. He also reviewed the various investment systems and incentives provided, especially the free zone system, which grants many advantages, incentives and exemptions.
On his part, Mr. Hady Nassif indicated that this expansion comes within the framework of the success that the company has achieved in the Egyptian market to cover the local needs as well as the export markets. He explained that the company is preparing a study to introduce new products to be manufactured in Egypt with high technology, pointing out that the aforementioned will constitute a qualitative leap in sustainable and lightweight construction materials.
Furthermore, Mr. Hady Nassif praised the economic reforms and the support of both the government and GAFI in overcoming all obstacles encountered by companies. He also praised the attractive climate and elements of investment in Egypt, especially the modern infrastructure, market size, the efficiency of labor, whether in the field of engineering and administration, as well as Egypt's strategic location and competitive shipping costs.
Mr. Ahmed Wafik pointed out that the international trade agreements signed by Egypt are among the key advantages of investing in Egypt. He stressed that Saint-Gobain is keen to be a key partner in achieving the State's directions to bring Egypt's exports to $100 billion annually.
Saint-Gobain is one of the 100 largest industrial groups in the world, and one of the largest French investments in Egypt in the glass manufacturing and building materials sector. Saint-Gobain Egypt owns the largest flat glass production line in the Middle East and Africa in the SC Zone, and two factories for building materials in Sadat and Amreya cities, with French investments exceeding 150 million euros. The new investments reviewed during the meeting will exceed the Group’s current investments in Egypt, in order to meet the needs of the local market and stimulate the exports strongly.
It is worth mentioning that Saint-Gobain has been present in the Egyptian market since 2005 through glass and gypsum projects, and has obtained a prominent position in the Egyptian and international markets in terms of quality and customer service by its production capacity in glass through the establishment of new factories for innovative building materials with the latest technologies.
