Indian manufacturers from power, steel, chemicals, and agricultural equipment industries have expressed interest in setting up projects in Egypt to target local and overseas markets, according to a press statement by the Suez Canal Economic Zone (SCZONE).
A high-profile Egyptian business delegation, led by Waleid Gamal El-Dien, chairman of SCZONE, is visiting the Indian capital New Delhi to showcase investment opportunities within SCZONE’s ports and industrial zones.
The delegation met with top executives representing some of the leading manufacturing companies in India, including Sterlite Power Transmission, Jindal Steel, Platinum Industries, TCI Sanmar Chemicals and Sonalika International.
The press release shared details of the projects discussed as follows:
- Sterlite Power Transmission, a power transmission developer and solutions provider, expressed interest in investing within the industrial zone in Sokhna.
- Jindal Steel & Power underlined its interest in establishing an export-oriented iron and steel complex with a production capacity of five million tonnes per year in the Sokhna industrial zone. The company indicated that the proposed project would be developed in two phases over an area of five to seven million square metres (sqm) and include facilities to produce green steel, green energy, and hydrogen.
- Platinum Industries, which manufactures performance additives used in the plastic and paint industry, indicated that it is looking to establish a project in Sokhna in two phases, spread over an area of 10,000 sqm, at an estimated total investment of $10 million, At least 70 percent of the production would be exported with the remaining allocated to local demand.
- TCI Sanmar Chemicals indicated that it is interested in expanding its operations in West Port Said.
- Sonalika International, a top tractor manufacturer with a global profile, expressed interest in establishing a presence within East Port Said to export its products to local, regional and European markets.
- Shapoorji Pallonji Group, which is involved in construction and infrastructure projects, showed interest in developing an industrial complex within SCZONE targeting Indian companies under a partnership model, and in building desalination plants.
The SCZONE delegation included Amr El-Batriq, CEO of Orascom Industrial Parks, Mohamed El-Kammah, CEO of El Sewedy Industrial Development Company, and Diaa Rushdi, Director of International Business Development at East Port Said Development Company.
(Writing by Eman Hamed; Editing by Anoop Menon)