Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid discussed establishing three joint projects with Belarus-based companies during his visit to the Belarusian capital, Minsk, as per a statement.

Farid began his tour at the Minsk Tractor Works (MTZ), where he inspected the production lines and the modern machinery used for welding, painting, and quality testing of tractors ranging from 80 to 350 horsepower.

The minister reached a preliminary agreement with MTZ, one of the leading manufacturers of agricultural tractors that runs business in over 60 countries globally, to study the establishment of a joint industrial complex in Egypt.

The joint venture (JV) aims to localize the manufacturing of tractors and heavy agricultural equipment with a high percentage of locally sourced components. It will serve as an export hub for markets in the Middle East and Africa, leveraging Egypt's free trade agreements.

Egypt seeks to become a regional logistics hub for maintenance services, spare parts supply, and re-export, which will contribute to reducing the import bill, saving foreign currency, and creating new job opportunities, the minister affirmed.

Moreover, Farid inspected the Minsk Automobile Plant (MAZ), a leading manufacturer of trucks, buses, and trailers. He explored opportunities to develop production and assembly lines in Egypt to meet local market demands and expand into neighboring markets. This will contribute to evolving the transport fleet and supporting the engineering equipment sector.

During a tour to Minsk Dairy Plant No. 1, the minister was briefed on the latest pasteurization technologies and the production of cheese, butter, and lactose products.

He also discussed with the company’s officials a proposal to establish a JV in Egypt for the production of powdered milk for industrial purposes and infant formula, utilizing local raw materials to enhance added value and provide high-quality products at competitive prices.