Indian firm to inject $33mn into Egypt’s chemicals sector

An Indian firm working in field of resins and industrial chemicals field plans to inject more investments of 300 million Egyptian pounds (US$33.7 million) in the Egyptian chemicals sector.

Egyptian Industry Minister Tarek Qabil stated Saturday that the company exports its products to European and African markets and own a factory in Mansoura governorate.

The minister hold Saturday a number of expanded meetings with three large investors working in Egypt’s chemicals, retail, and carbon black fields on the sidelines of President Abdel Fattah al-Sisi’s visit to the Indian capital New Delhi.

Qabil also met the Chairman of Lulu Group, Yusuf Ali  to discuss the expansionary plan of the firm inside the Egyptian market by establishing two new branches and raising the number of direct labour to 3,500 workers.

Minister Qabil hold a meeting with officials of Adetya Birls -a firm specialised in carbon black field headquartered at Alexandria- to discuss company’s plans to increase exporting rates.

The value of Adetya Birla exports to the European market are estimated at around US$200 million annually.

The meeting also showcased major problems facing the Indian firm in the Egyptian market, Minister Qabil clarified.

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