Cypriot Medochemie to establish factory in Egypt

Chairman of the Industrial Development Authority (IDA) Ahmed Abdel Razeq met Tuesday with officials from Medochemie Limited, a Cypriot pharmaceutical company seeking to establish a factory in Egypt.

Medochemie has a plan to expand in the Middle East and North Africa through a factory in Egypt. 

It already has nine factories in Cyprus, one in the Netherlands and three in Vietnam. 

Its factory in Egypt, estimated to cost around 20 million euros, should be built over an area of 10,000 square meters in an industrial zone near the Suez Canal Corridor, said Abdel Razeq in a statement. 

It will export all its production to the mother company in Cyprus, he noted. 

The meeting took up a bunch of incentives Medochemie will receive to guarantee its business is successful in Egypt, Abdel Razeq said.

He made it clear that the IDA had in one year put up for grabs about 16 million square meters of fully utilized lands as part of a 2020 strategy of the Trade and Industry Ministry. 

The IDA is working to lure as many foreign investments as possible, plus the local businesses, through eased investment measures, Abdel Razeq added.