Austria, Czechia to establish $160 mln sodium cyanide production plant in Egypt
The plant would meet the needs of the local market and export 80 percent of its production to markets in the Mediterranean Basin, the Middle East, and Africa.
The delegation was headed by Jakob Goldovfsky, the CEO of the holding company, and Pavel Brozak, the CEO of Darslovska.
The investment deal is in line with Egypt’s State Ownership Policy and its loan deal with the International Monetary Fund, which emphasizes raising the private sector share in economic activity and attracting further foreign direct investments (FDIs).
The minister stated that the Egyptian market has all the factors necessary for this important project, including investment incentives, raw materials, qualified labour, and a network of free trade agreements enabling Egyptian products to access many international markets without customs fees.
Samir emphasized the importance of sodium cyanide production in meeting the needs of various strategic industries, including mining, pharmaceuticals, and agricultural pesticides.
He noted that the initial investment for the project amounts to $160 million.
The minister added that this project would help Egyptian industries acquire advanced European expertise and technologies in the chemical industry. It would also increase Egyptian exports to foreign markets, particularly African markets, within the framework of the African Continental Free Trade Agreement (AFCFTA).
On his side, Goldovfsky expressed his company’s confidence in the Egyptian economy and investment climate. He stated that approvals have been obtained from relevant Egyptian authorities to provide the necessary energy and raw materials for the sodium cyanide production project, paving the way for the project's establishment shortly.
Meanwhile, representatives of the Austrian Holding Petrochemicals Company highlighted the company's extensive experience in the petrochemicals and gases sector, as well as various other industrial sectors.
Representatives of Darslovska, the Czech company, explained that the company is one of the largest producers and distributors of sodium cyanide worldwide, with its products covering markets in 80 countries around the world. They are also leaders in sustainable mining technology solutions.