Arab Finance: Prime Minister Mostafa Madbouly held talks with Jon Riberas, Chairman of Gonvarri Steel Industries, to discuss the Spanish company’s investment opportunities in Egypt, particularly in the automotive, renewable energy, and steel structures sectors.
They also discussed the possibility of establishing Egypt as a regional hub for the company's operations in the Middle East and Africa.
Madbouly affirmed that Egypt's renewable energy sector, especially wind and solar power, represents a promising area for cooperation, given the government's plans to expand renewable energy projects and capitalize on the available resources in this field.
He also underlined the possibility of establishing a major factory for the company in Egypt to produce automotive and vehicle components, which would support the state's efforts to localize the automotive industry and deepen local manufacturing.
In this regard, he directed the Minister of Industry to continue working and coordinating with Gonvarri Industries to study its proposed projects, affirming the government's readiness to provide the necessary support and incentives to encourage the company's investments in Egypt.
For his part, Riberas said the company is studying a number of opportunities to launch integrated and complementary industrial activities in Egypt, lauding the country's geographical location and its potential to serve the markets of the region and Africa, as well as the possibility of leveraging Egypt to support distribution and access other markets.
The chairman emphasized the potential for collaboration with Egypt in the solar and wind power field, given the growing clean energy market. He highlighted other sectors, including storage, warehousing, logistics, and electricity transmission towers, affirming that the diversification of the company's portfolio offers numerous opportunities for cooperation with the Egyptian market.
Gonvarri Steel is currently exploring several potential investment models and options in Egypt, including partnerships with local investors and industrial partners, the chairman revealed.
