Egypt holds talks with China’s Baowu Steel on investment, cooperation

Egypt’s Ministry of Industry held talks with China’s Baowu Steel Group, one of the world’s largest steel producers, to explore industrial cooperation and investment opportunities in the country’s steel sector, the ministry said on Wednesday.

The meeting was led by Industry Minister Khaled Hashem, Baowu Chairman Hu Wangming, and Suez Canal Economic Zone Chairman Waleid Gamal El-Dien, focused on expanding investment in priority sectors including steel, green industries and supply chains.

Senior Egyptian industrial officials, including Nahed Youssef, chairperson of the Industrial Development Authority, also attended.

Hashem said Egypt is focused on developing its steel industry, which supports sectors such as automobiles and household appliances, and highlighted opportunities in infrastructure and manufacturing.

He added that the government is improving the business environment and supporting investors to expand industrial output and exports.

Wangming described Egypt as a strategically located market with strong growth potential, hinting at Baowu’s readiness to align its investment plans with Egypt’s development priorities and leverage its expertise in steel production and technology to develop projects that support regional industry.

The talks highlight Egypt’s push to attract global industrial investors and position itself as a hub for regional steel production and manufacturing.

Attribution: Amwal Al Ghad English