Hossam Heiba (middle), president of Egypt’s General Authority of Free Zones & Investment, visits the EuP Egypt Factory. — VNA/VNS Photo

CAIRO — Việt Nam's European Plastics Joint Stock Company (EuP) has inaugurated a factory specialising in producing filler masterbatch in Sadat city, Menoufaya province, Egypt, marking the first factory of a Vietnamese enterprise in the Middle East country.

The EuP Egypt factory was built on an area of more than 34,000sq.m with an investment of US$30 million. It is designed to have 24 production lines with a total capacity of 300,000 tonnes a year, creating jobs for more than 300 local workers. Its products will serve the Egyptian market and exports to the Middle East, Africa, Europe and America.

Founded in August 2022 in Egypt with 100 per cent investment capital from Việt Nam, EuP Egypt Industries Company, a subsidiary of EuP, has an ambition to expand markets and become a multinational company.

Speaking at the inaugural ceremony on Monday, Hoàng Quốc Huy, chairman of the Board of Directors of EuP, said the EuP Egypt factory is an important step in the company’s expansion strategy, adding that it is a symbol of cooperation and development between Việt Nam and Egypt.

Hossam Heiba, president of Egypt’s General Authority of Free Zones & Investment (GAFI), highlighted the significance of the factory as the first project of a Vietnamese enterprise in Egypt, saying it reflects the Egyptian Government's efforts to attract foreign investors.

He said that Egypt will always encourage and protect foreign investors, including Vietnamese ones. He also expected that more Vietnamese businesses will invest in his country. — VNS