Prime Minister Moustafa Madbouli reviewed on Tuesday a plan to localize solar photovoltaic (PV) glass manufacturing, with dlrs 700 million in investments.

Madbouli lauded the distinguished ties between Egypt and China at the political and economic levels, saying there are many successful investment partnerships between the two countries.

During a meeting with William Chen, the Chairman of China-based SBH Kibing Solar New Energy and his accompanying delegation, the premier reviewed the company's plan to set up a factory to manufacture solar panel glass in Egypt.

The meeting was attended by Chairman of the Suez Canal Economic Zone Authority Walid Gamal Eldin.

SBH Kibing Solar New Energy is one of the three largest companies operating in solar panel glass manufacturing worldwide, Gamal Eldin said.

The company seeks to set up a factory in the Suez Canal Economic Zone to localize the solar PV glass industry, with total investments amounting to dlrs 700 million, he added, noting that the majority of its production will be exported.

The Chinese company is currently negotiating to obtain the necessary permits to implement the project, he added.

For his part, William Chen said that the Chinese company seeks to localize the solar panel glass industry in Egypt, adding that it plans to cooperate with the Egyptian government in manufacturing other glass types.

The two-phase project, to be built in the Suez Canal Economic Zone, aims to produce 1.53 million tons of solar panel glass and 1.08 million tons of high purity silica sand, he further noted.

He reviewed the project's requirements of power and gas supplies and silica sand needed for the production process.