Trade Minister, Global Companies Discuss Expansion Plans In Egyptian Market
Date
7/1/2024 11:10:55 PM
(MENAFN- Daily News Egypt) Egyptian Minister of Trade and Industry, Ahmed Samir, has engaged in a series of meetings with officials from various global companies. These companies are either interested in investing in Egypt or expanding their existing investments within the Egyptian market. These discussions took place during the Egypt-EU investment conference 2024.
Minister Samir emphasized the ministry's commitment to supporting foreign companies operating in Egypt. The goal is to help them overcome challenges and facilitate their plans to meet local market demands and explore export opportunities.
During one of the meetings, Minister Samir reviewed the expansion plans of the German company Knauf, which specializes in building materials and invests in the Suez Canal area. Knauf aims to increase its investments by expanding its current factory and establishing a new one, with a total investment of approximately €60m between 2024 and 2025. The new facilities are expected to be inaugurated in September 2025.
Samir explained that the second meeting was with Pedro Huarte-Mendicoa Tato, Senior Director at the Mediterranean & Africa at Vestas, the world leader in wind turbine production. The meeting discussed investment opportunities in Egypt in the field of wind energy and turbine production, as the company wishes to establish an investment project in Egypt to manufacture wind turbines with investments amounting to approximately €600m, covering everything from raw materials to final manufacturing and related services.
During the meeting, the minister reviewed the government's plans to expand renewable energy production, noting that it was agreed for the company to begin preparing the project's feasibility study through one of the specialized companies and exploring different sources of funding for the project.
On the other hand, Samir discussed with Iñigo Albizuri Landazabal – Global Public Affairs at MONDRAGON Corporation- the group's plans to expand in the Egyptian market, especially in light of the cooperation protocol signed between the group and“Ebdaa” initiative for project development to increase collaboration in the fields of technology transfer and renewable energy.
He pointed out that the company aims to increase cooperation with the ministry's vocational training centres to provide the skilled labour necessary for the industry.
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