Latest news with #Egyptian-Vietnamese
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
Egypt, Vietnam sign MoU to enhance economic development
Egypt and Vietnam signed a Memorandum of Understanding (MoU) to enhance cooperation in economic development, witnessed by Egyptian President Abdel Fattah Al-Sisi and his Vietnamese counterpart, Luong Cuong, during a summit in Cairo. The MoU was signed by Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and Vietnam's Deputy Minister of Industry and Trade, Phan Thi Thang. The agreement aims to deepen economic relations in areas including the digital economy, climate change, sustainable development, renewable energy, and the localisation of industry, with active participation from the private sector, Al-Mashat said in a statement. The MoU includes working on policy dialogue, knowledge exchange, capacity building, and sharing successful practices within the framework of South-South economic cooperation. Al-Mashat emphasized the importance of the Joint Committee between Egypt and Vietnam as a key mechanism for promoting economic development. The committee has held five sessions to date, serving as a platform for dialogue between the governments and business communities of both sides. 'The signed MoU opens new avenues, in light of the comprehensive partnership between the two countries, to enhance and deepen bilateral economic and trade relations,' she said. During the visit, Al-Mashat also held a meeting with the Deputy Prime Minister of Vietnam to discuss mechanisms for implementing the outcomes of the presidential summit and preparations for the 6th session of the Joint Committee. Egyptian-Vietnamese relations date back to the 1960s, and a joint ministerial committee was formed in 1997. In 2017, President Sisi made the first-ever visit by an Egyptian president to Vietnam, during which several joint cooperation documents were signed.
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Al-Wazir inaugurates Golden Avenue garment factory, accelerates industrial development in Minya
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, toured key industrial sites in Minya, highlighting Egypt's ongoing push to localize manufacturing and expand infrastructure in Upper Egypt. Al-Wazir began by visiting the Giza Company for Upper Egypt Development, a textile and ready-made garments factory that serves as a flagship example of successful local investment. Spanning 46,000 square meters and employing 2,500 workers, the factory has achieved a 50% local content rate, which Al-Wazir hailed as a major milestone in Egypt's industrial development strategy. He then officially inaugurated the Golden Avenue factory, a $3.5m Egyptian-Vietnamese joint venture specializing in the production of padded jackets for export to Europe and the United States. The facility currently employs 350 workers, with plans to grow its workforce to 1,500 by the end of the year. Following the inaugurations, Al-Wazir inspected the Matahra Industrial Zone, which spans 8 million square meters and hosts 621 projects across multiple sectors. He also reviewed proposed utility works at a 306-feddan expansion site designated for new industrial development. As part of broader investment facilitation measures, the minister announced that 16 vacant plots in the Matahra zone will be made available via the Egypt Industrial Digital Platform on June 1, 2025. Additionally, a small industries complex—comprising 68 units for food, engineering, and textile production—recently concluded a leasing round that ran from 1 to 22 May 2025. Al-Wazir stressed the urgency of accelerating development in Matahra, citing its strategic location near major transportation routes and export hubs, including Safaga Port (250 km), Ain Sokhna Port (300 km), Minya Railway Station (40 km), and Assiut Airport (130 km). Plans are underway to add 1.2 million square meters to the zone, creating Upper Egypt's first textile-focused industrial area. To ensure accountability, Al-Wazir ordered the formation of a joint inspection committee to verify that allocated industrial plots are being developed on schedule. Lands left idle or misused will be reclaimed and reallocated to serious investors to curb speculation and accelerate productive use. The minister also inspected progress on the Western Upper Egypt Desert Road, a transformative infrastructure project stretching 1,226 kilometers. He visited the Dairut–Asyut segment, which is 72 kilometers long and now 75% complete. This section will ultimately feature six lanes—three for main traffic and three for service—across a 46-meter-wide corridor. Progress along the route is advancing steadily. The Cairo–Minya segment, covering 230 kilometers, was inaugurated in December 2021. The 60-kilometer Minya–Qusiya section opened in March 2023. The 57-kilometer Qusiya–Asyut section is now 75% complete. Work is progressing on the 113-kilometer stretch between Luxor and Sibaiya, while the 215-kilometer Aswan–Toshka section has reached 23% completion. The Sibaiya–Edfu segment (25 kilometers) and the Edfu–Aswan section (87.5 kilometers) are scheduled for completion by March 2025. The remaining segments, including the 336 kilometers from Asyut to Luxor and 103 kilometers from Toshka to Arqin, are currently in the planning phase. So far, 402.5 kilometers of the road have been completed, 385 kilometers are under development, and 439 kilometers are planned for future construction.
