I wonder what incentives the Egyptian government is offering now so that it can attract the largest number of investors to the Egyptian market, and what is the story of the Austrian company that wants to pump its money into the Egyptian market now, and in what field, and when we will see its work exists on the ground.. We will tell you all the details in the video. This.
In the last hours, Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, held a meeting with representatives of an Austrian company specializing in wood industries, with the aim of discussing the company’s future plans in the Egyptian market.
This meeting witnessed a review of the company’s plan to establish a factory on an area ranging between 300-400 thousand square meters to manufacture the SPC material used in flooring and wall cladding. This is in addition to a partnership contract with the “Nag Hammadi Company, which specializes in the production and manufacture of fiberboard” to establish a project in its factory based on… An area of 150 thousand square meters for manufacturing MDF wood.
Of course, these woods will be used in the furniture industry while maintaining the factory’s current equipment, establishing a new production line, and employing the existing workers in the current factory.
Hence, Lieutenant General Kamel Al-Wazir said that the Egyptian government is keen to provide all means of support to the company to enhance its investments in the Egyptian market, and not only that, it also provides great facilities in obtaining industrial licenses for the company, in order to accelerate the pace of its production, especially since all the raw materials that The company will rely on it for manufacturing, and it will be 100% local.
Also, the appropriate location for establishing the factory of the Austrian company has been identified, and an SPC factory will be built there, taking into account choosing a location near the ports overlooking the Mediterranean Sea, such as the port of Alexandria and also the port of Jargoub, and this is of course to facilitate the export of the company’s products to foreign markets.
This meeting was attended by Dr. Sherif Farouk, Minister of Supply and Internal Trade, who confirmed that negotiations are underway for the partnership deal between the Austrian company Kronospan and the Naga Hammadi Company, which specializes in the production and manufacture of wood or fiberboard, and is affiliated with the Sugar Integrated Industries Company and the Holding Company for Food Industries, affiliated with the Ministry of Supply and Trade. The Ministry of Interior, of course, is to achieve the desired economic return for both parties.
As for the head of the Austrian company in the Middle East and Asia, Akgen Okay, he said that the company began its production in Austria in 1897, and has 41 factories around the world, and also exports its products to about 123 countries, and the company now produces wooden panels with a total of 18 million cubic meters annually.
Also, about 14 thousand employees work in this company. The company also relies on clean energy sources in its production, and produces wood without carbon emissions to preserve the environment.
For this reason, the Austrian company is keen to invest in the Egyptian market, in order to benefit from the advantages and investment incentives currently available in Egypt, and all of this certainly contributes to the success of the company’s experience in the Egyptian market, so that it will be a window for it to launch into Africa.
