The Sanmar Group, an Indian firm, plans to spend US$200 million to expand its polyvinyl chloride (PVC) factory in Port Said’s industrial zone, Egypt’s Investment Ministry announced Sunday.
“We shall witness remarkable development in the economic relations between Egypt and India,” said Egyptian Investment Minister Osama Saleh, noting that the Sanmar Group is the largest corporate investor in Egypt, with its investments totaling $1 billion.
Saleh also spoke of a plan with India for the technological development of Egypt’s chemical, textile and medicine industries.
Sanmar chairman N. Sankar said his company is willing to train Egyptian workers and promote the small businesses that will form as a result of the factory expansion.
The group has 23 factories in India, in addition to investment projects in different countries, including Egypt, the United States and Mexico.
Edited translation from Al-Masry Al-Youm