Rédaction Africa Links 24 with MENA
Published on 2024-02-28 11:38:28
Prime Minister Mostafa Madbouly presided over a meeting on Tuesday, February 27, 2024, where he discussed a proposed project by the Italian company Danieli to build an integrated industrial complex in Egypt. The project aims to manufacture advanced iron and steel products with a total investment of four billion dollars.
Attending the meeting were key officials including Petroleum Minister Tarek el Molla, Planning Minister Hala el Saeed, Minister of Public Sector Business Mahmoud Esmat, Head of Arab Organization for Industrialization Mokhtar Abdel Latif, and chairman of the General Authority for the Suez Canal Economic Zone (SCZONE) Walid Gamaleldin. Representatives of the Italian company in Egypt were also present along with various officials from ministries and relevant entities.
The proposal’s objective is to enhance the local iron industry by leveraging international expertise and exporting iron and steel products to global markets, particularly in Europe, according to Cabinet Spokesman Mohamed el Homosani. Additionally, the project aims to attract investors to establish a green hydrogen production facility with investments ranging from 2 to 3 billion dollars.
The meeting delved into a study assessing the anticipated demands of the European market to project the volume of exports from the envisioned project. The goal is to align the project’s output with the needs of European markets and increase the competitiveness of Egyptian iron and steel products on the global stage.
This initiative represents a strategic partnership between Italy and Egypt, leveraging the strengths and capabilities of both countries in the field of industrial production. By investing in advanced manufacturing technologies and processes, the project seeks to elevate the quality and diversity of iron and steel products produced in Egypt, positioning the country as a key player in the global market.
Furthermore, the establishment of a green hydrogen production facility underscores Egypt’s commitment to sustainable and environmentally friendly practices in industrial manufacturing. By investing in clean energy technologies, the project aims to reduce carbon emissions and contribute to a more sustainable future for the industry.
Overall, the proposed industrial complex for iron and steel production signals a significant step towards enhancing Egypt’s industrial capabilities and expanding its presence in international markets. Through collaboration with international partners and strategic investments in advanced technologies, Egypt is poised to strengthen its position as a leading producer of iron and steel products in the region and beyond.
Read Original article on Egypt Independent
