Prime Minister and Senior Ministers of Egypt visit largest Indian Investment in Egypt

On October 28, 2014, H.E. Prime Minister Eng. Ibrahim Mehleb, six Cabinet Ministers and the Governor of Port Said, General Samah Qandil visited the TCI Sanmar plant in Port Said, the largest Indian investment in Egypt. The Ministers who accompanied the Prime Minister were Dr. Laila Iskandar – Minister of Urban Renewal and Informal Settlements, Eng. Hany Dahy, the Minister of Transportation, Mr. Ashraf Salman, the Minister of Investment, Dr. Ashraf El Araby the Minister of Planning and Administrative Reform, Mr. Khaled Hanafy, the Minister of Supply, and Mr. Adel Labib the Minister of Local Development and Administrative Development. Ambassador Navdeep Suri, the Indian Ambassador to Egypt, and senior officials from TCI Sanmar were also present during the visit. The Prime Minister toured the premises, and received a briefing on the nature of the project, its contribution to the Egyptian economy, and challenges to its growth. At the conclusion of the tour, the Prime Minister remarked that he was impressed by the scale of the manufacturing facility and their future plans for expansion. He underscored the commitment of the Egyptian government to resolve all issues faced by investors. Ambassador Navdeep Suri said that the personal interest taken by the Prime Ministers and senior Ministers in visiting the plant was a positive signal to Indian investments, which amounted to more than $2.5 billion across 50 different companies. He said that “Indian companies like the Sanmar group have demonstrated their willingness and ability to undertake major investments in Egypt. Their success will encourage other Indian companies to do the same.”

The TCI Sanmar plant in Port Said is a huge chemical project manufacturing 275,000 MT per annum  of Caustic Soda, 60,000  MT per annum  of Green Ethylene from Ethanol and 200,000 MT per annum of Poly Vinyl Chloride (PVC). The Sanmar Group has so far invested USD 1.15 billion in the projects of TCI Sanmar. Additional investment  of USD 150  million in Phase  2 is planned, to set-up  a new PVC plant  with a capacity of 200,000  MT, and  enhance  the Ethylene manufacturing capacity by 60,000 MT.  The Sanmar  Group is a conglomerate based  in Southern  India, with  business  interests in Chemicals, Speciality Chemicals, Engineering/Metals and Shipping.

PVC is the raw material used for the manufacture of several important products such as, PVC  pipes, cables, upholstery,  door  and  window  profiles etc., PVC  pipes are  used  for conveying water  mainly in the irrigation, drinking water supply systems, waste water sewage disposal system and construction sectors.  At present a large quantity  of PVC is imported  and PVC produced  at TCI Sanmar's  plant will substitute these imports  which will result  in a major  saving of USD  400  million, in scarce  foreign exchange  for the country. TCI Sanmar provides employment to about 2,000 Egyptian directly and indirectly.

28.10.2014

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