Minister of Trade and Industry Ahmed Samir held a meeting with a delegation of Novostal-M — Metallurgical Holding, headed by the company’s president Ivan Demchenko, to discuss investment opportunities in the Egyptian market.
The minister said that the company wants to establish a steel factory in Egypt, in addition to supplying metallurgical services for Egyptian projects. Besides, it would establish infrastructure for food warehouses, operate in the construction sector, and produce nitrogen and fertilizers and export them to other African countries.
Samir highlighted the possibility of the company’s contribution to infrastructure projects, and strengthening the system of equal deals in dealing with Egyptian companies in payment operations. It was agreed to increase Egyptian exports of citrus and urea, which will be transported Novostal-M.
He noted that the Novostal-M and other Russian companies are keen to inject investments into the Russian industrial zone in Egypt, as it is a huge platform for the localisation of a large number of Russian industries in Egypt and the penetration of its products into other international markets.
Demchenko affirmed his company’s keenness to invest in the Egyptian market and make the most of the unique opportunities and advantages available in this promising market.
He said that his company owns two factories in Russia and exports its products to a large number of countries in the world.
The company directs 90% of its products for export and has several partners in Egypt, he noted, pointing out that the company’s production of steel amounts to about 2.8 million tonnes annually, and it is exported to 60 countries.