Cairo: Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir recently engaged in talks with Hayrettin Akgun Okay, CEO of the Austrian-based wood panels manufacturer Kronospan, to explore the company’s prospective initiatives in Egypt’s market. The meeting, held alongside Supply and Internal Trade Minister Sherif Farouq and senior officials from the industry ministry, aimed to bolster industrial collaboration between Austria and Egypt.
According to State Information Service Egypt, the discussions centered around Kronospan’s strategy to establish a factory spanning 300,000 to 400,000 square meters. This facility will focus on producing Stone Plastic Composite (SPC) materials, which are vital for flooring and wall cladding. Additionally, the talks included a potential partnership with the Nag Hammadi Fiber Board Company to create Medium-density fiberboard (MDF) wood for the furniture industry, utilizing an area of 150,000 square meters.
Minister Wazir emphasized
the ministry’s commitment to facilitating Kronospan’s operations in Egypt by providing necessary support and easing the process of acquiring industrial licenses. The use of 100% Egyptian raw materials in manufacturing was highlighted as a key component of Kronospan’s plan. Moreover, the strategic placement of the SPC factory near Mediterranean seaports such as Alexandria and Gargoup will aid in the efficient export of products to international markets.
Supply Minister Sherif Farouq indicated ongoing negotiations for the partnership between Kronospan and Nag Hammadi Fiber Board Company. The collaboration aims to ensure mutual economic benefits, with the latter being part of the Egyptian Sugar and Integrated Industries Company SAE and the Holding Company for Food Industries (HCFI).
Kronospan’s CEO, Hayrettin Akgun Okay, underscored the company’s historical roots as an Austrian family business established in 1897. As a leading wood-based panel manufacturer, Kronospan operates in 123 countries with 41 productio
n plants. The CEO expressed enthusiasm for investing in Egypt, leveraging the favorable investment incentives currently offered by the country.