On January 15, 2024 (local time in Egypt), EuP successfully organized the inauguration ceremony of its factory in Sadat City, Menoufia province, Egypt. This marks the first overseas factory for the company. The event was attended by the Board of Directors of European Plastic Company, the Chairman of the General Authority for Investment and Free Zones (GAFI), along with representatives from media agencies and honored guests from Vietnam and Egypt.
Ambassador of Vietnam to Egypt Nguyen Huy Dung and Chairman of the Egyptian General Authority for Investment and Free Zones Hossam Heiba cut the ribbon at the inauguration ceremony of the EuP Egypt Factory. Photo: Nguyen Truong - VNA correspondent in Egypt.
Covering an area of over 34,000 square meters, EuP Egypt Factory specializes in the production of filler masterbatch (a material used in the plastic industry). When fully operational, the factory is expected to have a total of 24 production lines with an annual output of around 300,000 tons.
The production line of EuP Egypt Factory
EuP Egypt Factory has been invested up to $30 million, with 100% capital from European Plastic Joint Stock Company. EuP Egypt Industries Company, a subsidiary of European Plastic Joint Stock Company, is the direct operator of EuP Egypt Factory. Established in August 2022 in Egypt with 100% investment capital from Vietnam, EuP Egypt Industries Company focuses on developing strategic markets such as Africa, the Middle East, Europe, and America. This contributes to expanding EuP's coverage and brand position in the masterbatch raw material market in particular and the international market in general.
2. Imprint of international cooperation
EuP Egypt is the first factory of a Vietnamese enterprise in Egypt, providing job opportunities for over 300 local workers.
Speaking at the inauguration ceremony, Mr. Hoang Quoc Huy, Chairman of the Board of Directors of European Plastic Joint Stock Company, affirmed: "The investment project to build EuP Egypt Factory is an important step in the expansion strategy of European Plastic Joint Stock Company. EuP Egypt Factory was established to serve the Egyptian domestic market and for export. This is not just a manufacturing factory but a symbol of cooperation and development between Vietnam and Egypt, while bringing employment opportunities and added value to the local community."
The Board of Directors of European Plastic Company, the Chairman of the General Authority for Investment and Free Zones (GAFI), along with representatives from media agencies and honored guests from Vietnam and Egypt.
Appreciating the significance of the project, Hossam Heiba, Chairman of the Egyptian Authority for Investment and Export Processing Zones (GAFI), emphasized that the birth of EuP Egypt Factory demonstrates the efforts of the Egyptian Government to attract foreign investors. He also committed to supporting foreign investors, particularly Vietnamese investors, in penetrating the market, thereby strengthening economic relations between the two countries.
Hossam Heiba, Chairman of the Egyptian General Authority for Investment and Free Zones, visits the EuP Egypt Factory. (Photo: VNA)
3. Strategic Vision
EuP Egypt is the eighth factory in the system of factories operating in the production and supply of plastic masterbatch materials of European Plastic Joint Stock Company. EuP Egypt increases the total capacity to 800,000 tons per year. It is estimated that EuP's annual revenue reaches $250 million, with exports to over 100 countries worldwide.
With the advantage of a large market, abundant labor force, and a favorable geographical location, Egypt is one of the key areas where European Plastic Joint Stock Company has high expectations. By entering the Egyptian market, the EuP brand will have the opportunity to access potential large markets such as the Middle East, Africa, Europe, and America.
Hopefully, with existing advantages and careful preparation, EuP Egypt Factory will become a strategic breakthrough, enhancing EuP's production capacity and competitiveness on the international stage, while opening up new development cooperation opportunities between Vietnam and Egypt in the future.
To know more information, please visit the official webpage of EuP Egypt: https://eupegypt.com/