Bruno Carré, Managing Director of Suez Cement Group (SCGC), which is a subsidiary of Italcementi, Italy's leading cement producer,said that the Egyptian economy is moving forward and able to absorb more investments. He pointed out that Prime Minister Qandil's government has brought some confidence back to the Egyptian economy, which already enjoys high potentials that can place the country among the world's leading economies.
He also stated that Italcementi would increase its investments in the Egyptian market during the coming period, noting that the Egyptian market is attractive to investments, especially in the energy sector. The company is currently focusing on investment in environment and energy.
Mr. Carré reiterated that SCGC is seriously considering participating in new national projects launched by the government. He also stressed that Italcementi saw the Egyptian market as a leading market in the Middle East. In his opinion, the existing manufacturing capacity was able to absorb further demand growth in the coming period.
Carré said that Italcementi Group would invest in the first wind farm to be established by the private sector in Gabal El-Zeit, Red Sea Governorate, with investments reaching nearly €140 million. The project was scheduled to be operative within two years. The farm would provide the group's plants with part of their needs of electrical energy.
He added that the SCGC would invest millions of Egyptian pounds during the coming period in biofuel sector so as to decrease costs and reduce dependence on traditional energy sources. He made it clear that the Group is currently not considering the total relocation of its affiliated plants on Tourah and Helwan, especially since the relocation process would need huge investments and complicated procedures. The group believed that relocating the plants would be very difficult as it would result in relocation of thousands of labourers who live near the plants. Instead, the Group is currently developing technologies in those plants, thus qualifying them to operate according to the most advanced technologies like the Group's plants in Europe.
Source: Al Mal Newspaper- Issue date- 9 Oct. 2012- Page 15