Egypt’s exports of petrochemicals rose 23% year on year (YoY) in 2022 to $8.629 billion, compared to $7.033 billion, according to an emailed release on June 5th.
The petrochemicals, chemicals, and fertilizers industries are expected to continue growth in the future, given the country’s transition from being import-dependent to become export-reliant, the Founder and Managing Director of Anchorage Investments Ahmed Moharram noted.
He added that Anchorage Investments’ Anchor Benitoite petrochemicals complex in the Suez Canal Economic Zone (SCZONE) is projected to achieve exports exceeding $1 billion in its first year of operation, to reach around $1.450 billion over the second year.
The project’s total investments are estimated at around $2.5 billion and it is expected to contribute to increasing the foreign direct investments by $750 million, Moharram highlighted.
Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).