Wazir: State Providing All Support to Int'l Companies to Expand in EgyptSource: www.export-egypt.com 8/12/2024, Location: Africa |
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Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El Wazir affirmed the state's commitment to providing all forms of support for global companies to invest and expand in the Egyptian market, as well as enhancing the role of the private sector in deepening local industry, in line with the directives of President Abdel Fattah El-Sisi.
During his meeting with a delegation from the Indian chemical company "TCI Sanmar," led by the company's Chairman B.S. Jayaraman, the minister discussed investment opportunities in the Egyptian market and the company's future projects in the coming phase. TCI Sanmar is one of the largest Indian investments operating in the Egyptian market, with an investment volume of dlrs 1.5 billion. The company is also one of the largest producers of polyvinyl chloride (PVC) in the Middle East and North Africa region, providing around 3,000 direct and indirect job opportunities for young people. El-Wazir stated that an urgent plan has been developed to advance this promising sector, aiming to bridge the gap in the local market, localize several industries, reduce imports, and increase exports. This plan is intended to support the local industry, enhance the competitiveness of Egyptian products, and open more international markets for them, the minister added. On his part, the chairman of TCI Sanmar emphasized the company's keenness to increase its investments in the Egyptian market, considering it a pivotal market in the Middle East and an important gateway to the world. He noted that the company currently exports 70% of its production and directs 30% to the local market, adding that the company is ready to allocate 100% of its production to the Egyptian market to reduce imports and save foreign currency. During the meeting, both sides discussed the company's interest in establishing a new terminal for the reception and transportation of ethylene at the West Port Said Port, with a total investment of dlrs 150 million. They also discussed expanding the capacity of the company's factories in Port Said for the production of VCM (vinyl chloride monomer) and PVC with an additional dlrs 150 million, bringing the total planned investments to dlrs 300 million. The company seeks to leverage the significant investment opportunities in the Egyptian market, including the facilities and infrastructure available in Egypt, particularly in West Port Said. |
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