8/27/2023

Mr. Amr Nour El Din, GAFI CEO Deputy, received today at GAFI's premises Mr. Georg Krenn, the commercial advisor of Austria, and the delegation of the Austrian company KronoSpan headed by Ms. Oana Bodea, CEO of the company, to discuss new investments for the Austrian company in Egypt, which is one of the largest companies operating in the manufacture and distribution of medium-density wood panels, fiberboards (MDF), and wooden floors in addition to other value-added products associated with them such as wall panels and others. The company also owns 39 factories around the world.

The meeting discussed all the pillars related to the company's investment in Egypt to establish a multi-purpose wood panel factory on an area of approximately 100,000 m2 in order to cover the local market and go for export at a later stage of production. The project is expected to provide approximately 100 job opportunities.

During the meeting, Amr Nour El-Din presented the most important amendments included in the Investment Law and the role of those amendments to prepare the investment climate in Egypt, including expansion of the scope of the Golden License program, which grants a comprehensive approval to implement and operate projects without the need for any other approvals, including a wider range of sectors and activities, as well as procedures.

Simplification of companies' incorporation through electronic incorporation, in addition to the most important guarantees and incentives that will be granted to new investors, indicating GAFI's keenness to provide full support to the company in its new project. Amr Nour El-Din also reviewed the most important investment frameworks offered by Egypt for investment and the best alternatives for implementing the project in line with the requirements of the Egyptian market. He stressed the Austrian company's great experience in this field and its ability to transfer modern technology used abroad to Egypt.​

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