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 Dr. Ahmed Nazif, the Egyptian Prime Minister, accompanied by Eng. Rachid Mohamed Rachid, Minister of Trade and Industry, and Eng. Amr Assal, Chairman of Industrial Development Authority (IDA) opened on Wednesday 26/11/2008 the Egyptian Iron Steel Factory (HADISOLB) with a production capacity of 240.000 tons per year and LE200 million investments. Moreover, Nazif opened the new expansions in Ifco Egypt Factory for Food oil which is one of the major factories for manufacturing food oil in Attaqa / Suez with a annual production capacity of 240.000 tons and LE250 million investments which enhanced the factory's investments to hit LE1 billion.
The government agreed to grant licenses to 5 companies for steel and ores with a production capacity of 8 million tons of reductive iron in order to produce 6 million tons of steel aiming to decrease the steel production cost beside encourage the complementary industries in this field. In addition to, the reductive iron saves 305 of steel production cost, Rachid pointed out.
Regarding the implementation of 1000 – Factory program in Suez Governorate Rachid said that 16 new factories were established in several fields with investments of LE2 billion, providing 9.000 direct and 30.000 indirect job opportunities. Along with new expansions in 14 factories in the fields of petrochemicals, iron, steel, textiles, engineering and food industries with investments of LE750 million in Attaqa Industrial Zone and North West Suez Gulf industrial zone.
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