INVESTMENT WATCH- Germany’s BAG to invest EUR 70 mn on manufacturing projects at East Port Said industrial zone: The East Port Said Development company (EPSD) signed two agreements yesterday worth a combined EUR 70 mn with local subsidiaries of Germany’s Business Avenue Group (BAG), according to a Suez Canal Economic Zone statement picked up by Al Masry Al Youm. The first agreement will see BAG East Port Said begin in November developing a EUR 55 mn plant at the East Port Said industrial zone to manufacture state-of-the-art irrigation systems that conserve water and limit waste. Under the second agreement, Gerda Egypt — a joint venture between BAG and Polish security systems maker Gerda — will establish a EUR 15 mn plant that will manufacture reinforced steel doors and locks. Egypt had signed MoUs with BAG last year for the development of five factories in the industrial zone, where the company also intends to manufacture tractors and buses. EPSD — a public-private joint venture between the Industrial Development Group (IDG), the National Service Project Organization (NSPO), and SAMCRETE — is the main developer and promoter of the industrial area in East Port Said.

Speaking of industrial zones, seven Indian companies are reportedly in advanced talks with the government to set up an Indian industrial area in the SCZone, India’s ambassador to Egypt, Rahul Kulshreshtha, said on Sunday, without revealing any details on the identity of the companies or expected size of investments.