Prime Minister Sherif Ismail attended on Tuesday the signing ceremony of agreements with six companies to set up projects on an area of 16.2 million square meters in the southern part of the Suez Canal Economic Zone (SCZone).

Speaking at a press conference held at the Cabinet headquarters, Investment and International Cooperation Minister Sahar Nasr expressed her ministry's keenness on removing hindrances facing investors to help increase investments in the SCZone.

The Investment Ministry is working on luring local and foreign investors to do business in the country in the coming period, Nasr added.

For his part, Businessman and CEO and Chairman of "Egyptian Steel" Ahmed Abou Hashima signed an agreement with Chairman of Suez Canal Authority Mohab Mamish to establish a steel factory at a total cost of 5.5 billion dollars. The factory will be the second eco-friendly steel plant in Egypt. The first one was established in Beni Suef.

The factory will secure from 5,000 to 6,000 direct and indirect jobs and will produce 830,000 tons of steel billets and 550,000 tons of reinforcing steel, Abu Hashima said. The factory will be opened in December, he added.

Also, Chairman and Managing Director of RAYA company Medhat Mokhtar Khalil said that he agreed with Mamish on obtaining two pieces of land stretching over an area of 300,000 meters in the southern part of the Suez Canal Economic Zone.

A coal warehouse will be established on the first piece of land which is stretched over a 100,000-meter area, Khalil said. Two factories will be set up on the second plot of land, he added.

Source : Mena