Russian Company "Novostal M" expresses interest in investing in Egypt across various sectors

CAIRO - 16 August 2023: The Russian company "Novostal M", which is specialized in steel manufacturing, has expressed its interest in investing in Egypt across various sectors, including steel and infrastructure for certain sectors, according to a statement released by the Cabinet on Wednesday.

 

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

 

Samir stated that the company intends to establish a steel factory in Egypt, as well as supply metals for Egyptian projects and create infrastructure for food warehouses. Additionally, cooperation in the field of construction, nitrogen supply, and exporting fertilizers from Egypt to African countries was discussed.

 

This meeting is part of the Egyptian government's efforts to attract more global investments, enhance cooperation and partnership between the public and private sectors, and encourage experienced Russian companies to establish joint projects that benefit both the Egyptian and Russian economies.

 

The Minister pointed out the company's potential contribution to infrastructure projects and enhancing the equal procurement system when dealing with Egyptian companies in payment transactions.

 

Samir clarified that an agreement has been reached to increase Egyptian exports of pulses and urea, which will be transported by the Russian company.

 

He affirmed the company's and several other Russian companies' keenness to invest in the Russian industrial zone in Egypt, considering it a significant platform for localizing a large number of Russian industries in Egypt and accessing multiple international markets.

 

Ivan Demshinco, the President of the Russian holding company "Novostal M," confirmed the company's eagerness to invest in the Egyptian market and make the most of the exceptional opportunities and advantages available in this promising market.

 

He added that his company owns two factories in Russia and exports its products to numerous countries worldwide. The company directs 90 percent of its products for export and has several partners in Egypt. He noted that the company's annual production of reinforcing steel is approximately 2.8 million tons, exported to 60 countries.