The Russian firm "Novostal M," specializing in steel production, has indicated its desire to invest in various sectors within Egypt, including steel and specific sector infrastructure. This announcement was made in an official statement by the Cabinet on Wednesday.

 

The statement followed a meeting between Ahmed Samir, the Minister of Industry, and a delegation from the Russian holding company "Novostal M," led by its President, Ivan Demshinco.

 

Samir highlighted the company's plans to establish a steel plant within Egypt, along with the supply of metals for local projects and the development of infrastructure for food storage facilities. Discussions also encompassed collaboration in construction, nitrogen provision, and the export of fertilizers from Egypt to African nations.

 

The meeting aligns with Egypt's strategic endeavors to attract global investments, cultivate collaboration between the public and private sectors, and encourage accomplished Russian enterprises to form joint ventures that yield mutual economic advantages for both countries.

 

The Minister underscored the potential involvement of the company in infrastructure initiatives, as well as its contribution to bolstering equitable procurement practices when engaging with Egyptian firms in payment transactions.

 

Samir clarified that an accord had been reached to amplify Egyptian exports of pulses and urea, facilitated through transportation by the Russian company.

 

He reaffirmed the commitment of "Novostal M" and other Russian corporations to invest in Egypt's industrial zone, recognizing it as a pivotal platform for localizing numerous Russian industries within the country and expanding their reach to international markets.

 

Ivan Demshinco, President of the Russian holding company "Novostal M," reaffirmed the company's enthusiasm to invest in the Egyptian market and leverage the remarkable opportunities presented by this burgeoning economy.

 

He elaborated that his company possesses two factories in Russia, exporting their products to numerous global destinations. Significantly, "Novostal M" channels 90 percent of its output towards international markets and has formed strategic partnerships in Egypt. Furthermore, he indicated that the annual production of reinforcing steel stands at approximately 2.8 million tons, with exports to over 60 countries.