CAIRO, July 18 (Xinhua) -- The Egyptian Mineral Resources and Mining Industries Authority (MRMIA) and China's Asia-Potash International Investment (Guangzhou) Co., Ltd. signed on Friday a Memorandum of Understanding (MoU) to enhance cooperation on phosphate exploration and promote value addition in the sector.

The agreement between MRMIA and Asia-Potash seeks to strengthen joint cooperation in the exploration and evaluation of phosphate ore reserves, and to maximize the added value of the vital resource, Egypt's Ministry of Petroleum and Mineral Resources said in a statement.

Following the signing ceremony, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi emphasized that the signing of the MoU aligns with the ministry's vision to develop the mining sector, with the goal of increasing its contribution to the country's gross domestic product from less than one percent to between 5 and 6 percent.

The MoU outlines cooperation in scientific research focused on exploring and verifying phosphate ore reserves, as well as examining the establishment of a modern factory for producing phosphate fertilizers. ■