Mr. Osama Saleh, Egyptian Minister for Investment Programs, said that the visit of the Egyptian President Mr. Mohamed Morsi to Russia opened up new prospects for joint investment in metallurgy, energy and wood processing enterprises. He said that "Russia intends to re-establish its good ties, as Russian investment in the country has dropped significantly in recent years.
Russia has expressed a desire to invest in Egypt in order to develop the steel complex. In the first stage of cooperation, the government is going to revive some projects that have already been in operation. Egypt agreed with the Russian side that research on preparation for the launch of 4 blast furnaces will take a maximum of 1 month. This project plays a primary role in raising the country's industry to a higher level.
The minister said there are plans to reopen the state-owned Automotive Manufacturing Company in Egypt after it has been shut down for several years. The Russian side is ready to invest in the mining sector of Egypt. Particular interest is shown in the production of phosphate fertilizers required to improve the efficiency of the agricultural sector.
In addition, Egypt and Russia agreed to start joint investments in Sudan. These funds will be used to develop the timber harvesting and processing sector. Russia plans to send a team of researchers to find a way to process the unique timber in Sudan. However, a woodworking plant will be set up in Egypt. An agreement was reached with the Russian side to build high-rise dam turbines. Egypt stressed the need for joint projects to meet the growing demand for electricity.
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