In Line with the Directives of the Ministry of Investment to Create an Attractive and Enabling Business Environment for Domestic and Foreign Investment
GAFI Follows Up on the Establishment Procedures of a $40 Million High-Grade Phosphate Production Project in the Qeft Free Zone
In alignment with the vision of the Ministry of Investment and Foreign Trade to foster an attractive and enabling environment for both domestic and foreign investments, and pursuant to the directives of Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, to enhance engagement with the business community, accelerate service delivery, and streamline procedures in order to strengthen confidence in the investment climate, Eng. Mohamed El-Gawsaky, CEO of the General Authority for Investment and Free Zones (GAFI CEO), held a meeting with Eng. Sherif Zaid, Chairman of MOVINGFERT Egypt Group, to discuss the establishment procedures of the “Phoscor" industrial project in the General Free Zone in Qeft, Qena Governorate.
The project will be established on an area of 190,000 square meters, with estimated investments of approximately $40 million. It aims to upgrade low-grade phosphate ore (18%–24%) to produce around three million tonnes annually of high-grade phosphate (32%–34%), thereby contributing to meeting both domestic and global demand for high-quality phosphate fertilizers.
The company has completed the first production line in preparation for launching Phase I operations during the current year, with an initial production capacity of 500,000 tonnes annually, approximately 80% of which will be allocated for export.
Eng. El-Gawsaky emphasized that the plant's strategic location within the Qeft Free Zone provides it with a strong competitive advantage, as it is situated at the heart of phosphate extraction areas and is connected to Safaga Port, thereby reducing production and transportation costs and facilitating export operations.
He also noted that GAFI is coordinating with the relevant government authorities to secure the project's requirements in terms of utilities, water, and energy, in support of its role in developing an integrated system to enhance the efficiency of phosphate and fertilizer industries, as well as strengthening the agricultural sector's capabilities amid the expansion of land reclamation projects.
GAFI CEO further reviewed the state's efforts to integrate Egyptian industry into global value chains and promote exports, noting that the average customs clearance time has been reduced to 5.8 days, compared to approximately 15.8 days previously, resulting in an estimated $1.5 billion reduction in shipping costs for Egyptian companies. He also highlighted the significant investments injected by the state into infrastructure development, totaling approximately $550 billion, including upgrades to road networks, ports, and other facilities supporting the investment and export environment.
For his part, Eng. Sherif Zaid stated that the project aims to transform underutilized ore into high value-added products compliant with European standards, through the localization of advanced Chinese and European technologies and expertise in concentration enhancement and impurity reduction, which are being introduced to the Egyptian market for the first time. He added that the majority of production will be directed to European and East Asian markets, affirming that the project's production capacity will also contribute to improving the efficiency of phosphate extracted from other projects, thereby enhancing the added value of the phosphate sector and its related industries.
