This came during a meeting with Minister of Investment and Foreign Trade, Hassan El-Khatib, with representatives from SMS Group, during his current visit to Germany.
The SMS Group, a German company specializing in metal production technologies, plans to establish a direct reduced iron (DRI) plant in Egypt, with investments projected to exceed €1 billion.
This came during a meeting with Minister of Investment and Foreign Trade, Hassan El-Khatib, with representatives from SMS Group, during his current visit to Germany.
The proposed plant is expected to have an annual production capacity of 2.5 million tons, with the potential to expand to 4 million tons per year. It will create approximately 1,000 job opportunities.
An agreement was made to organize a meeting between the Minister and the company’s officials in Egypt in the near future to identify a suitable partner to kick-start the project.
Additionally, there is a possibility of establishing the plant in one of the regions under the authority of the Suez Canal Economic Zone.
The Minister emphasized the Ministry’s commitment to providing all necessary support to the German company to expand its investment in the Egyptian market.
Later, the Minister participated in a working lunch organized by Egypt’s Ambassador to Germany in Berlin.
The event was attended by officials from the Arab-German Chamber of Commerce, the German Automobile Manufacturers Association, and several German companies from various sectors such as automotive, water desalination, infrastructure, and transport.
During the lunch, the Minister discussed the latest economic developments in Egypt, government plans for financial, monetary, commercial, and industrial reforms, and the investment incentives available in the country.
