Egypt’s Inkernel to build $3m factory in Russia

Egypt’s Inkernel Group plans to establish a new plant in the Russian city of Smolensk, with an initial investment of $3 million, marking the its first overseas expansion, Amwal Al Ghad Arabic reported on Wednesday, citing its chairman.

Inkernel’s Mahmoud Mohsen said the move was buoyed by Russia’s strong economy and investor-friendly environment.

The negotiations are ongoing to secure a land in the Phoenix Industrial Park to build Inkernel’s anticipated plant to accelerate production, Mohsen added.

The new plant will focus on producing ear, nose, and throat (ENT) treatment units, with future plans to diversify its product range to meet the growing demand in the Russian market.

Mohsen underscored the significant economic and political ties between Egypt and Russia, referring to the positive outcomes of Egyptian youth participation in the youth festival in Sochi City.

This participation has enhanced ties and bolstered economic and developmental endeavours, with Russian President Putin’s endorsement of youth programmes and Egyptian investments.

Inkernel also plans to embark regional expansions across Arab countries over the next five years, focusing on non-pharmaceutical medical industries. The company’s success in Egypt has laid the foundation for this gradual expansion, Mohsen noted.