Arab Steel Summit
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Arab Steel Summit

The Russian Steel Company «Novestal M» intends to expand in Egypt

The Russian “Novestal M” Holding Company, which specializes in the reinforcing steel industry, informed the Egyptian government of its desire to expand in the Egyptian market during the next stage, by establishing a factory for it in Egypt, and intensifying cooperation in projects undertaken by the Egyptian state.

The Egyptian Minister of Trade and Industry, Eng. Ahmed Samir, said after a meeting with the Russian company’s delegation, headed by Ivan Demchenko, the company’s president, that “Novestal M” wants to establish a steel factory in Egypt, as well as supplying minerals for Egyptian projects, establishing infrastructure for food warehouses, and cooperation. In the field of construction, supplying nitrogen and fertilizers from Egypt and exporting them to African countries.

The minister explained that this meeting comes within the framework of the Egyptian government’s efforts to attract more international investments, strengthen cooperation and partnership frameworks between the public and private sectors, and encourage Russian companies with great experience to establish joint projects that are in the interest of the Egyptian and Russian economies.

The Egyptian Minister of Trade and Industry referred to the possibility of the Russian company contributing 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 by the Russian company.

The minister stressed the keenness of the company, and many Russian companies, to pump investments in the Russian industrial zone in Egypt, as it is a huge platform for the settlement of a large number of Russian industries in Egypt and the penetration of its products into a number of international markets.

For his part, Ivan Demchenko, President of the Russian Novestal M Holding Company, affirmed the company’s keenness to invest in the Egyptian market and make the most of the unique opportunities and advantages available in this promising market.

Demchenko added that his company owns two factories in Russia and exports its products to a large number of countries in the world. nation.


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