Indian Ostwal Group Eyes $300 Mln Investment Opportunity ini Egypt: Minister ElkhatibSource: www.export-egypt.com 7/31/2024, Location: Africa |
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Indian Ostwal Group of Industries (OGI) plans to invest $300 million in building a fertilizer production plant with an annual capacity of 700,000 tons in Egypt, according to Minister of Investment and External Trade Hassan ElKhatib.
ElKhatib met with the Chairman, Managing Director, and Promotor of OGI Praveen Ostwal and a delegation from the group to discuss the latter’s proposed project to produce fertilizers in Egypt. Ostwal Group is one of the biggest manufacturers of fertilizers and chemicals in India, operating in 10 countries with 150 retail branches and 17,000 distributors. It targets exporting to markets in the Middle East, Africa, and Europe. The minister explained that Ostwal Group aims to benefit from the great investment potential of the Egyptian markets, which offer raw materials, skilled labour, and energy resources, alongside its prime location as a global production and export hub. ElKhatib highlighted that the ministry promotes international investments in the Egyptian market by providing more incentives to investors and removing any obstacles that may face them. This aligns with the new cabinet’s plan, which includes increasing the annual growth rate of foreign direct investments to about 14 percent by 2030, following the State Ownership Policy Document. |
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