China's aluminium composite panel maker to set up new factory in Egypt

<p>Egypt is set to become home to a new aluminium composite panel manufacturing unit, announced Trade Minister Tarek Kabil on Sunday. China's Guangzhou Goodsense Decorative Building Materials Co. Ltd. will be setting up a factory at an aggregated cost of US$100 million. <br /><br />The ministry said in an official release that a 16,000 square-metre area has been allocated for the Egyptian-Saudi-Chinese joint venture in the industrial zone of Ataqa in Suez Governorate. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Egypt.jpg" alt="News" width="517" height="226" />&nbsp;&nbsp;&nbsp;&nbsp; <em><strong>Photo Courtesy: Egyptian trade ministry</strong></em><br /><br />The Chinese firm specializing in aluminium building components and composite panel production aims to "benefit from the available major competitive advantages represented in the [Egyptian] market that exceeds 90 million consumers, and also benefit from several free trade agreements signed between Egypt and several countries and main economic clusters worldwide, which allows for an production of goods at economical prices for more than 1.6 billion consumers," the release stated.<br /><br />{googleAdsense}<br /><br />Guangzhou Goodsense Decorative Building Materials is joining hands with the Egyptian-Saudi company WellBond for this project. WellBond with 600,000 metres per annum aluminium composite panel manufacturing capacity caters to almost 8-9 per cent of Egypt's total market demand for the building component. <br /><br />Located in Suez, WellBond Manufacturing Company is the first manufacturer of aluminium Composite Panel in Egypt.</p>