Ahmed Kamel – Egypt Daily News
Egypt is set to become a focal point for global mining investment, as Chinese chemical giant Xingfa Group announced plans to invest up to $2 billion in a comprehensive phosphate project. The initiative will encompass exploration, extraction, and the production of high-value phosphate-based products, marking a significant step in the growing interest of international companies in Egypt’s mining sector.
The announcement came during high-level talks between Egyptian Petroleum and Mineral Resources Minister Karim Badawi and a delegation from Xingfa Group, led by Chairman Cheng Yali. Discussions focused on investment opportunities in mining and related industries, in the context of Egypt’s ongoing legislative and regulatory reforms designed to maximize the value of its natural resources.
Minister Badawi highlighted the strength of Egypt-China bilateral relations as a foundation for launching major joint ventures. He emphasized that the proposed project aligns with the ministry’s strategy to develop the mining sector and expand downstream industries, boosting the country’s industrial base while extracting maximum economic benefit from mineral resources.
“Egypt is committed to providing full technical and logistical support through specialized teams, paving the way for a memorandum of understanding and the practical steps to implement this project,” Badawi said. “Our aim is to attract technologically advanced companies and localize strategic industries within the Egyptian economy.”
The project is planned for the “Golden Triangle” region and will be executed in three phases, encompassing both mining and industrial applications of phosphate. Xingfa representatives expressed strong confidence in Egypt’s investment climate, praising the country’s incentives and facilitation measures for foreign investors. They described Egypt as a strategic gateway for regional expansion across Africa and the Middle East.
Both sides agreed to continue technical coordination, sharing studies and data critical to the project’s success. Minister Badawi extended an invitation to the Xingfa delegation to participate in the upcoming Egypt Mining Forum in September, while the Chinese chairman invited the minister to visit the company’s headquarters and operations in China, further cementing long-term bilateral collaboration.
The announcement underscores Egypt’s ongoing drive to position itself as a regional hub for mining and industrial development, building on a series of recent reforms aimed at increasing value-added production, attracting foreign investment, and enhancing the country’s economic resilience.
