Indian company lays cornerstone for $110mln PET factory in Egypt

Indian company lays cornerstone for $110mln PET factory in Egypt


Flex P Movies Egypt, a subsidiary of Indian versatile packaging supplies company UFLEX, laid the cornerstone for its polyethylene terephthalate factory – Flex PET – in the commercial zone in Sokhna in the presence of Walid Gamal El-Din, Chairman of the Normal Authority for the Suez Canal Financial Zone (SCZONE).

In September 2022, Zawya Initiatives had reported that the company is organising a polyester resin manufacturing plant in Egypt at a complete funding of $110 million.

The 30,000 tonnes/month capability plant is being constructed over an space of 250,000 sq. metres in SIDC Industrial Park, owned by Orascom Industrial Parks, in accordance with an SCZONE assertion.

The assertion mentioned the venture can be applied in two phases with Part 1 scheduled to begin operations through the first half of 2024, whereas Part 2 can be applied by mid-2025.

It’s anticipated to create greater than 700 direct and oblique job alternatives.

The SCZONE chairman welcomed the Indian company’s choice to increase its plant in Egypt to cowl the home market and to export to Center East nations.

“We are preparing to conduct a promotional tour in India to attract more Indian investments within SCZONE,” Gamal El-Din mentioned.

The assertion additionally famous that SIDC attracted 12 traders with whole investments estimated at 94.three million Egyptian kilos ($three million) in 2022. Within the first quarter of 2023, six firms signed up with a complete funding of greater than EGP 240 million ($7.eight million).

(1 US Greenback = 30.90 Egyptian Kilos)

(Writing by Eman Hamed; Modifying by Anoop Menon)