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Russian Company Novostal-M Plans Huge Factory in Egypt

The Egyptian Minister of Trade and Industry Ahmed Samir held a meeting with the delegation of the Russian Novostal-M company working in the rebar industry.

Samir explained that Novostal-M plans to establish a steel factory in Egypt and supply minerals for Egyptian projects, establish infrastructure for food warehouses, cooperate in the field of construction, and export nitrogen and fertilizers from Egypt to African countries.

This meeting comes as part of the Egyptian government’s efforts to attract more international investments, he added, as well as to strengthen partnership frameworks between the public and private sectors and encourage Russian companies with experience and knowledge to establish joint projects in the interest of Egyptian and Russian economies.

Samir added the company will contribute to increasing Egyptian exports of citrus and urea, which will be transported by the Russian company.

He stressed the keenness of this and many other Russian companies to pump investments in the Russian industrial zone in Egypt, which serves as a huge platform for settling a large number of Russian industries in Egypt and allowing its products to reach a number of international markets.

Novostal-M is keen to invest in the Egyptian market and make the most of the unique opportunities and advantages available in this promising market, the President of Novostal-M Ivan Demchenko, affirmed.

Demchenko added that his company owns two factories in Russia and exports its products.

The company exports 90 percent of its products and has several partners in Egypt, he said, pointing out that the company’s production of reinforcing steel amounts to about 2.8 million tons annually, exported to 60 countries.

Source: Egypt Independent

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