Ain sokhna: Minister of Petroleum and Mineral Resources Karim Badawi announced that the planned Phosphate Industries Complex in Ain Sokhna, in collaboration with Elsewedy Electric Group, marks a strategic advancement in enhancing the economic value of Egypt's mineral resources. The project aligns with the national vision to transition from raw material exports to establishing comprehensive mining industries that contribute significantly to the national economy.
According to State Information Service Egypt, Badawi emphasized that the agreement for the complex is a prominent result of the recent mining sector reforms. These reforms include transforming the Mineral Resources Authority into an economic authority and revising the executive regulations of the Mineral Resources Law. These changes have fostered a competitive and appealing investment atmosphere, facilitating effective partnerships with the private sector to undertake economically significant projects.
The announcement came during a meeting with Ahmed Elsewedy, President and CEO of Elsewedy Electric Group, and Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority. The meeting focused on finalizing preparations for the Phosphate Industries Complex, a partnership involving the Mineral Resources and Mining Industries Authority, Wadico, and Elsewedy Electric Group.
Badawi reiterated the ministry's dedication to supporting the project's success through continuous oversight and addressing potential challenges. He highlighted the project's goal to be a testament to Egypt's capability to implement industrial and mining projects with substantial economic returns, while boosting investor confidence in Egypt's mining sector.
The minister also noted the project's role as a model of state-private sector cooperation in establishing integrated mining industries. He confirmed the ministry's ongoing strategy to maximize Egypt's mineral wealth, attract more investments, increase the mining sector's GDP contribution, and support sustainable development.