China-based New Hope Group aims to establish a new feed production plant in Egypt with an investment of $100 million. The company’s five existing production plants in the country produce 650,000 tons of feed annually, representing 10% of the total feed production in Egypt.
China’s New Hope Group, a pioneer in agriculture and renewable energy, plans to expand its presence in Egypt with a $100 million investment. The New Hope Group delegation met with Egyptian Local Development Minister Manal Awad and members of the Egyptian-Chinese Entrepreneurs Association for the new feed factory it plans to build with this investment.
According to a statement, the meeting voiced the possibilities of localizing Chinese industries in Egypt, using Chinese experience in various fields, and setting up industrial zones. New Hope is determined to expand its investments in Egypt, under the government’s support.
New Hope already has five feed production facilities in Egyptian governorates of Menoufia, Beni Suef and Beheira, in Hosh Issa and Wadi El Natroun, and in the city of Gamasa in Dakahlia. These facilities produce 650,000 tons of feed annually, representing 10% of the country’s total feed production.
The company aims to increase its production capacity in the country to one million tons with the planned new investment.