Posted on 07 Jun 2024
The Egyptian Minister of Trade and Industry met with representatives from 137 international steel companies at the headquarters of Suez Steel to explore investment opportunities in Egypt, Kallanish notes.
Minister Ahmed Samir highlighted the importance of the steel industry in the country's economy, supporting the infrastructure, construction and manufacturing sectors. The country has solidified its leading role in Africa, by achieving 9.8 million tonnes of steel production in 2023. The government continues to prioritise the industry's development and is eyeing export opportunities due to ongoing global infrastructure projects. Africa’s economic growth is also driving demand for high-quality steel, according to local media sources.
Samir underlined the sector's challenges, such as the EU's implementation of a Carbon Border Adjustment Mechanism (CBAM). Egypt must navigate the transition towards decarbonisation, to preserve its competitive advantage in exports.
"The Ministry of Trade and Industry remains committed to supporting iron and steel manufacturers in adopting cleaner production methods. Collaborating with industry pioneers, research institutions, and technology providers, they are exploring innovative solutions such as electric arc furnaces and green hydrogen. These efforts will mitigate the impact of CBAM and position Egypt as a sustainable steel producer on the global stage," he added.
Streamlined export procedures, favourable trade agreements, and financing mechanisms are empowering Egyptian steel exporters, the minister noted. Additionally, investments in research and development, including green steel production and resource-efficient technologies, are contributing to responsible industry practices, he concluded.
Source:Kallanish
