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Sunday, 14 August 2016

Two Indian firms set to invest a total of USD 80 mn in the Egyptian petrochemical and agricultural markets

Two Indian companies are set to invest USD 80 mn in Egypt, according to Khaled Abu Al Makarem, chairman of the Egyptian-Indian Business Council, Al Borsa reported on Saturday. The first project involves building a USD 40 mn agricultural equipment plant expected to begin operations next year. Meanwhile, Sanmar Group wants to invest USD 40 mn to build a petrochemical factory in Port Said in partnership with an Egyptian firm, with the project to begin operations in early 2018. Sanmar had vowed to invest USD 350 mn in a new production line in Egypt back in April of last year. The council aims at increasing the volume of trade between the two countries to USD 8 bn in the coming three years from USD 5 bn today.

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