The company is prepared to supply steel for projects within Egypt and participate in infrastructure development projects, he added.

Novostal-M is interested in collaborating with Egypt in the fields of nitrogen and fertilizers, with the aim of exporting these products to other African countries, Samir noted.

The trade ministry has reached an agreement with Novostal-M to enhance Egyptian exports of citrus and urea to Russia through the company.

Novostal-M owns two factories in Russia that produce 2.8 million tons of steel annually and exports 90 percent of its production to 60 counties, according to the company's chairman Ivan Demchenko.

In 2022, Egypt’s exports to Russia surged to $595.1 million, up by 21.6 percent in 2021, reported the Central Agency for Public Mobilization and Statistics.

Egypt’s imports from Russia increased to $4.1 billion in 2022, up by 15.5 percent in 2021.

Egypt has recently taken serious measures to improve the business and investment climate.

The country is seeking to increase the share of the private sector in the economy to 65 percent, up from the current 30 percent, based on its State Ownership Policy Document.