Transport Minister, Austria’s "Kronospan" Discuss Future Plans in Egyptian MarketSource: www.export-egypt.com 11/9/2024, Location: Africa |
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Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir had a meeting with Hayrettin Akgun Okay, CEO of the Austrian-based wood panels manufacturer "Kronospan", to discuss the company's future plans in the Egyptian market.
The meeting was attended by Supply and Internal Trade Minister Sherif Farouq as well as a number of the industry ministry's senior officials. During the meeting, the two sides discussed the company’s plan to build a factory, to be stretched over an area ranging from 300,000 to 400,000 square meters, to manufacture the Stone Plastic Composite (SPC) material used in flooring and wall cladding. They also discussed a partnership contract with the "Nag Hammadi" Fiber Board Company to implement a project in its factory on an area of ??150,000 square meters to manufacture Medium-density fiberboard (MDF) wood for use in the furniture industry. Wazir said the ministry of industry is keen to provide all means of support to the Austrian company to boost its investments in the Egyptian market. He added that the ministry also will provide the company with great facilities to obtain industrial licenses to accelerate the pace of its production, as the materials, which the company will use in manufacturing will be 100% Egyptian raw materials. Wazir noted that an appropriate location will be chosen to establish the SPC factory, taking into account choosing it near the seaports overlooking the Mediterranean Sea (Alexandria - Gargoup) to facilitate exporting the company’s products to foreign markets. The supply minister said negotiations are under way for the partnership deal between the Austrian company "Kronospan" and "Nag Hammadi" Fiber Board Company, which is affiliated to the Egyptian Sugar and Integrated Industries Company SAE, and Holding Company for Food Industries (HCFI), affiliated to the Supply and Internal Trade Ministry, in a way that achieves the desired economic return for both parties. For his part, the CEO of "Kronospan" said that his company was established in 1897 as an Austrian family company, it is a leading wood-based panel manufacturer. Kronospan is present in 123 countries and has 41 production plants, he added. He expressed his company’s keenness to invest in the Egyptian market to benefit from the investment incentives currently available in Egypt. |
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