By Rana Yehia
Egypt’s Ambassador to India Hatem Tag El-Din met with Sanmar Group Vice-President and Head of the Egyptian-Indian Business Council’s Indian arm, Vijay Sankar, said a Ministry of Foreign Affairs statement Sunday.
The meeting occurred as a follow-up to India’s participation in the Sharm El-Sheikh Economic Summit held in March.
Sankar praised the success achieved on the organisational level and the volume of the international participation during the Economic Summit, confirming that some Indian companies seek to pump investments in Egypt.
The main attracting projects are solar cell production and irrigation development, financial services, and development of loading and unloading operations at Egyptian ports systems, according to the statement.
The meeting tackled Sanmar Company’s investments, operating in the petrochemicals sector in Egypt, that are currently worth $1.1bn. Sankar noted that the company has finished all the necessary studies and approvals to add a new production line to its factory in Port Said. The implementation will see the company promote its investments in Egypt with about $350m, increasing Sanmar’s total investments in the country to $1.45bn.
Meanwhile, many Indian companies have a strong and dynamic presence in Egypt, where several companies have become an integral part of the Egyptian economy, such as Alexandria Carbon Black, the Egyptian Indian Polyester Company, Flex Industries, and KEC, according to the Indian Embassy in Cairo.
Other Indian companies have made a name for themselves in a host of different areas, including Kirloskar pumps and Bajaj three-wheelers, ubiquitous in rural and semi-urban areas.
However, the total Indian investments in Egypt reached $2.5bn, providing direct and indirect employment to approximately 35,000 Egyptians. The volume of trade exchange between the two countries recorded about $5bn.
