Representatives of Guizhou Wengfu Group, China State Construction, and East China Engineering Science & Technology Co sign the contract for a phosphoric acid project with WAPHO. [Photo/chinadaily.com.cn]

Guizhou Wengfu Group, a State-owned phosphorus chemicals enterprise, along with China State Construction and East China Engineering Science & Technology Co, signed an $848 million contract with WAPHO, an Egyptian phosphate and chemical fertilizer company, on Dec 24 to launch a phosphoric acid project in Egypt's New Valley Governorate.

The project includes one 500,000-metric-ton phosphoric acid production plant, which will be one of the world's largest plants constructed with one-time investment, as well as China's largest overseas phosphorus chemicals project.

According to Han Bing, minister counselor of commercial affairs of the Chinese embassy in Egypt, China and Egypt have achieved progress in bilateral cooperation in trade, investment, finance, infrastructure, and capacity building.

The implementation of the project will realize better development and utilization of Egypt's abundant phosphate resources, promote Egypt's industrial upgrading, offer more job opportunities, bring foreign exchanges to Egypt, as well as drive regional economic development.

The signing of the projects shows China companies' advantages in technologies, engineering management, and resource allocation in the phosphorus chemicals industry.

Guizhou Wengfu Group's international trade businesses are carried out in over 20 countries, accounting for one-third of the company's revenue, which has made the company a top performer in terms of total import and export volume in Guizhou for years.

Guizhou Wengfu Group is also China's first phosphorus chemicals enterprise providing international engineering and technical services, which has great influence in the global phosphorus chemicals industry, as well as countries and regions involved in the Belt and Road Initiative. Currently, it is following up various technical service projects in West Asia and North Africa.