China's Goodsense to establish $100 mln aluminium factory in Egypt

China's Guangzhou Goodsense Decorative Building Materials Co. Ltd. is set to establish a new factory in Egypt with an Egyptian-Saudi-Chinese capital of $100 million to manufacture aluminium composite panels, Egypt's Trade Minister Tarek Kabil announced on Sunday.

In an official press statement by the ministry, Kabil said that the government will allocate a 16,000 square-metre area in the industrial zone of Ataqa in Suez Governorate.

The Chinese company 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 statement reads.

According to Kabil, the Egyptian partner for the project is WellBond, which is an Egyptian-Saudi company manufacturing aluminium composite panel, currently produces 600,000 metres per year covering 8-9 percent of Egyptian market's needs.