Cairo: Minister of Petroleum and Mineral Resources Karim Badawi engaged in discussions with Elsewedy Capital Holding Chairman Ahmed Elsewedy regarding the latest developments and strategies to expedite the implementation of a phosphate fertilizer production plant in the Suez Canal Economic Zone.

According to State Information Service Egypt, the project is being developed in collaboration with the Mineral Resources and Mining Industries Authority, WadiCo, and Elsewedy Capital Investment Group. This initiative is part of the State's broader strategy to enhance the value of Egypt's mineral resources.

Badawi emphasized the significance of the project in advancing the exploitation of Egyptian phosphate. The aim is to maximize economic returns by expanding local manufacturing capabilities and transforming mineral resources into higher-value intermediate and final products. This endeavor is expected to bolster national industry and elevate Egypt's production and export capacities.

The minister commended Elsewedy Capital's involvement in the industrial project and highlighted the importance of fostering partnerships with the private sector. Such collaborations are considered essential for the successful implementation of manufacturing projects and optimizing the use of natural resources. These efforts align with the State's mission to localize industry and increase the added value within the Egyptian economy.

During the meeting, Badawi instructed that efforts continue to hasten the project's implementation process. He urged for the swift resolution of any challenges or obstacles that may emerge during the various stages of execution. The focus is on enhancing coordination among all relevant entities to ensure adherence to the established timelines and to facilitate accelerated progress.

Badawi reiterated that maximizing the added value of mineral resources remains a top priority for the Ministry of Petroleum and Mineral Resources. The ministry aims to expand integrated industries based on Egyptian raw materials, thereby optimizing economic returns and opening new opportunities for investment, production, and exports.

The project is part of the ministry's ongoing efforts to transition the mining sector from merely extracting and trading raw materials to the establishment of integrated downstream industries. This shift is anticipated to enhance the returns from Egypt's mineral resources and improve the competitiveness of Egyptian products in both domestic and international markets.