Egypt's largest stationary supplier to invest $5 million

Minister of Trade and Industry Tarek Qabeel said one of the largest business groups and stationary suppliers in Egypt, Samir & Aly, is currently considering the establishment of a new project to manufacture pencils, pens and erasers in cooperation with a leading foreign company in this field.
The project, which is estimated to cost five million dollars, is scheduled to be operational by the end of this year, according to initial studies conducted by the company.
Qabeel pointed out that the new project is part of the ministry's strategy to cut down imports in order to reduce the deficit in Egypt's balance of trade. 
Qabeel stated that the project is expected to create 500 job opportunities, adding that the production will secure large part of the country's market needs and the rest will be exported to African and Middle Eastern countries.
Chairman of the board of directors of Samir & Aly Stationery Houses Walid Shatlah said that the factory will be built on an approximate area of 15,000 square meters.
Shatlah explained that the project aims to rely on local products as an alternative to the imported ones, especially that the current domestic production of these products only meets 15 to 20% of Egypt's total needs.
He also pointed out that this factory will be the first to manufacture rubber erasers in Egypt.

Source: Mena