China's fiberglass giant celebrates production surplus in Egypt

CAIRO, AUG 30 (SEE)- Jushi Egypt held a ceremony on Wednesday to mark the completion of 200 thousand tons of fiberglass annually in Ain Sokhna plant.

The Chairman of Jushi Zhang Yuqiang said that the company is China's biggest industrial investment in Egypt, providing more than 2,500 job opportunities.

"Jushi invested $ 600 million in Egypt, it has an annual production value of more than $ 220 million and annual export revenues of $ 200 million," he added.

"Joshi Egypt is considered the fruit of the economic cooperation between China and Egypt and a model of success as it is the largest base of fiberglass production in the world after China," he pointed out.

For his part, Deputy Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Mahfouz Taha said that Joshi became a true success story and a model for the transformation of policies into concrete reality.

Governor of Suez Ahmed Hamed pointed out during the ceremony that Jushi Egypt is one of the castles of Egyptian-Chinese economic cooperation.

In January 2012, Jushi China established a subsidiary in Egypt, in preparation for the start of Chinese-Egyptian cooperation in the field of fiberglass.

In six years, the company has launched three large production lines, namely raw materials, chemicals, and packaging.