Libya’s General Authority for Industrial Zones reported Tuesday that its Director General, Adel Al-Masry, had signed a usufruct contract with Chinese company Goodwill for the Manufacture of Ceramics and Porcelain, in the presence of the Industrial Zone’s Director of the Central Region Branch. Goodwill is part of the Wang Kang Holding Group.
The contract was for the use of a plot of land of 26 hectares to establish a ceramics and porcelain factory located within the expansion area of the Karareem Industrial Zone, in Misrata.
The factory will be established with a production capacity of 80,000 square meters and will provide 400 job opportunities, which the Industrial Zones Authority said will help invest in effective and productive Libyan cadres.
The Industrial Zones Authority said this step comes within the framework of localizing new industrial projects and a step forward in the framework of sustainable industrial development in Libya.
A usufruct contract is a limited but real legal right accorded to a person or party that confers the temporary right to use and derive income or benefit from someone else’s property.
The Wang Kang Holding Group
It will be recalled that in March this year Misrata Free Zone (MFZ) had revealed that China’s Wang Kang Holding Group announced the establishment of its first company in Libya.
The company, which soil andin the field of ceramics and sanitary materials, announced the establishment of the “Al Sharq” company as its first investment activity on Libyan soil, and chose MFZ as its headquarters. Its leading ceramic brand is the Goodwill brand.
MFZ had reported that Wang Kang Group is active in several Asian, African, European and American countries, as it owns a group of factories and companies in addition to its main activity in China and is still working to expand its investments and activities around the world.
In Africa and the Middle East
Wang Kang Group, MFZ had reported, has established six companies and five large ceramic tile factories in Nigeria, Ghana, Tanzania, Uganda, Saudi Arabia and Iraq. It reports that the African subsidiaries account for 25 percent of African ceramic tile production capacity. Its Saudi Arabia ceramic tile factory is under construction with an investment of US$ 200 million.
MFZ had reported that the choice of MFZ as the headquarters of Wang Kang’s first companies in Libya came due to MFZ’s advantages in terms of location, work systems, and the efforts exerted by the MFZ’s administration in providing the best possible environment for investors from all over the world.