Thursday 03 Apr
Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, held discussions on Monday with B.S. Jayaraman, Chairman of TCI Sanmar Chemicals, and Navdeep Suri, the company's director, regarding the enhancement of TCI Sanmar's investments in Egypt.
The Minister affirmed the Egyptian government's keenness to support foreign investments and provide an attractive business environment, noting that the state is working to remove obstacles facing investors and enhance investment opportunities in various sectors, particularly the chemical sector.
Al-Khatib added that the Egyptian government welcomes TCI
Sanmar's plans to increase its investments in Egypt, stressing their
contribution to boosting local manufacturing and creating jobs, which will
benefit the national economy.
In response, Jayaraman declared TCI Sanmar's intention to
inject a further $300 million into its Egyptian investments, raising the total
to approximately $2 billion. He commended the Egyptian government's
collaborative efforts in facilitating processes and promoting industrial
expansion. Furthermore, Jayaraman emphasized TCI Sanmar's dedication to
expanding its presence in Egypt, detailing plans for cold storage facilities to
strengthen storage capacity and optimize the supply chain, a project slated for
discussion with relevant Egyptian authorities.
Navdeep Suri, the company's director, highlighted the
strategic importance of the Egyptian market for TCI Sanmar's operations in MENA
and North Africa region. He noted that
the company supports approximately 3,000 jobs in Egypt and serves both local
and international markets, including Southern Europe, Asia, the Middle East,
and North Africa.
He added that the company's future plans in Egypt include building
a marine terminal to import ethylene, which will contribute to securing the
supply of raw materials necessary for the polyvinyl chloride (PVC) industry,
one of the company's main products. He pointed out that the company is working
to increase the production capacity of its factories in Port Said, to satisfy
rising demand in both domestic and international markets.
The meeting was attended by Kamel Galal, the Egyptian Ambassador to India, and Minister Plenipotentiary Commercial MoUstafa Shaikhhoun, Head of the Commercial Representation Office in India.
