The country’s authorities are counting on expanding manufacturing cooperation with Indian businesses
Aug 12 (TV BRICS/GNA) – Egypt is keen to attract long-term investment from India into its industrial sector, which will help to develop manufacturing, boost exports and create jobs.
This was stated by Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh. He spoke at a meeting with representatives of Indian business during a visit to India to attend the 16th BRICS Trade Ministers’ Meeting in Jaipur, reports Sada El-Balad, a partner of TV BRICS.
The report notes that the Egyptian side is focusing not only on attracting investment but also on developing joint production, introducing new technologies and manufacturing more sophisticated products.
As an example of a successful Indian presence in Egypt, the meeting discussed the investments made by one of the country’s largest Indian investors, who has invested around US$1.5 billion in projects in the Port Said area. The company’s plants produce caustic soda, polyvinyl chloride (PVC), calcium chloride and bioethylene, providing around 900 direct and 1,500 indirect jobs.
Plans for further expansion of production capacity were also discussed, including the construction of a terminal for ethylene imports costing around US$150 million. The project is expected to ensure a more stable supply of raw materials for PVC production and to reduce production costs.
Particular attention was paid to the prospects of establishing commercial lorry production in Egypt. The Egyptian side discussed with representatives of the Indian automotive industry the progress of negotiations with the Arab Organisation for Industrialisation. The potential project should contribute to the development of the local automotive industry and enable trucks manufactured in Egypt to be supplied to domestic and regional markets.
GNA/TV BRICS