China's Asia-Potash International Investment announced plans to establish a phosphate fertiliser production complex in Egypt, with an initial investment of $1.6 billion. This announcement was made during a meeting between Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and Zheng Youye, Deputy General Manager of Asia-Potash International Investment, on Thursday. The company intends to explore and extract 2 million tons of phosphate annually, converting it into phosphate fertilisers and exporting 100 per cent of the production to neighbouring markets. The project will be developed in multiple phases, with a total investment estimated between $7 and $10 billion. Upon completion, the final production capacity is expected to reach 10 million tons of phosphate. The industrial complex will be located west of Esna city in Luxor Governorate. The first phase is expected to be completed within 18 months, with exports planned through Safaga Port. Moreover, the project will also localise advanced extraction and manufacturing technologies, creating 3,000 direct job opportunities in its initial phase. Notably, all of Asia-Potas' production will be directed towards export, contributing to Egypt's foreign currency reserves. Heiba confirmed that the company qualifies for investment incentives, as its strategy is in alignment with Egypt's sustainable development goals. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
