Elsewedy Electric Group proposes establishing a 5-mn sqm industrial zone in the New 6th of October City that could attract EGP 20 mn in local and foreign investments, Invest-Gate reports.
During a cabinet meeting, Prime Minister Mostafa Madbouly reveals that the new industrial zone is set to be located near the dry port implemented on the 6th of October City.
CEO and Managing Director of Elsewedy Electric, Ahmed Elsewedy, says that the project, Industria October, is planned to accommodate industrial, logistics, commercial, administrative, and services activities.
It is expected to add around EGP 5 bn annually to Egypt’s GDP and create more than 150,000 jobs in different industries, he adds.
The top executive reveals that the project includes developing over 400 factories and around 100 logistics and commercial facilities.
Our main goal is development and we are working at a fast pace to connect required utilities and will set necessary controls, Elsewedy notes.
For his part, the CEO of Elsewedy Industrial Development, Mohammed El-Kammah, reveals that the new industrial zone is set to host power plants with a total capacity of 1,500 MW.
At the end of the Cabinet meeting, the parties agreed on preparing a contracting model for the proposed industrial city project. They also agreed on considering the allocation of land for the establishment of an industrial zone in New Fayoum City.