Egypt has been locked in negotiations with foreign companies for possible investment in its mining sector as part of plans to tap its large mineral potential and expand its share in the domestic economy, a local newspaper said on Monday.

The Arab language daily Addustour, quoting official sources, said Cairo’s target is to attract large investments into its minerals industry to boost its contribution to gross domestic product to nearly $7 billion in 2030.

“Intensive negotiations are under way with international mining companies interested in investing in Egypt’s minerals industry,” the paper said.

The paper did not identify those companies apart from saying they are from Saudi Arabia, Germany, China, Russia, and Canada.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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