A grand production ceremony was held by China Fiberglass Jushi Group, a subsidiary of CNBM in China-Egypt Suez Economic and Trade Cooperation Zone on May 18 to celebrate the operation of Fiberglass Tank Furnace Wiredrawing Production Line with annual output of 80,000 t by Jushi Egypt Fiberglass Co., Ltd., which is the first large fiberglass production line constructed overseas by China and also the first large independently constructed production line in Chinese fiberglass industry, promoting the development of fiberglass manufacturing industry in the whole Middle East and North Africa.

Song Aiguo, Ambassador of China’s Embassy in the Arab Republic of Egypt, MaJianchun, Counselor of Economic and Commercial Counselor's Office, Chen Xiaoming, Consulate-General of the People's Republic of China in Alexandria, Cao Jianglin, General Manager of CNBM, President of China National Building Material Co., Ltd. and Board Chairman of China Fiberglass Co., Ltd., Zhang Yuqiang, Board Chairman and CEO of Jushi Group and relevant leaders from EgyptMinistry of Industry, Trade and Investment and Ministry of Foreign Affairs, commercial and industrial figures and media representatives were invited to attend the ceremony presided over by Yang Guoming, President of Jushi Group.

Cao Jianglin made a speech on the ceremony and said that Egypt boasts huge market potential and economical development space due to its unique location advantages (major crossroad of Europe, Asia and Africa) and abundant natural resources. CNBM is the comprehensive building material group ranking No.1 in China and No.2 in the world, and also the only enterprise listed on Fortune Top 500 in Chinese building material industry. Under the background of economic globalization, CNBM has developed international businesses prudently based on the strategy of “Internationalized Building Material” proposed by Chairman Song Zhiping, and now has established 34 enterprises in 23 countries and regions, specializing in manufacturing engineering service and logistics trade. Jushi Group, the backbone enterprise of CNBM, has led the technology upgrading of fiberglass industry. The project invested by Jushi in Egypt is the landmark project for CNBM to explore new modes, e.g. “Chinese Technology and Management, Overseas Manufacturing and Sales”, “Going Out”, which can help the development of the enterprise itself, assist Egypt to establish and develop fiberglass composite material industry and make positive contributions to the economic and social development in Egypt.

The project invested by Jushi in Egypt is an industrial project jointly constructed by China and Egypt with large investment amount, advanced technical equipment and rapid construction speed, opening up a new area for China-Egypt industrial cooperation. Located in China-Egypt Suez Economic and Trade Cooperation Zone, Suez Governorate, the Project boasts the most advanced extra large fiberglass tank furnace production technology with total investment of Phase I of USD 223 million and annual output of 80,000 t, and the products are mainly sold to Europe, Egypt and Turkey. Now, over 800 Egyptian personnel are employed, and the management post will be gradually localized within 3 years. Jushi Egypt will reinvest USD 300 million by stages based on the market change to build the only world-class large fiberglass production base in Africa with the annual output of 200,000 t to meet the product demands in surrounding areas.

As the project cooperated by China and Egypt to develop special economic zone and the first ultra large fiberglass project constructed by CNBM with new technology, precise equipment and high investment, CNBM will spare no efforts to construct, operate and manage the project, make contributions to enlarge employment, increase revenue and promote development, and build such project into a typical project in North Africa.

Now, the project invested by Jushi in Egypt boasts stable production and operation and excellent sales prospect with the sales-output ratio of 100%. The clients respond well through pre-test and start to increase order.