India is planning to invest $60 million in establishing a black carbon plant in Egypt. This decision was made during a meeting between Yehia El Wathek Bellah, the Head of the Trade Ministry's Commercial Representation Authority, and prominent Indian companies to explore potential investment opportunities in Egypt.
As part of this initiative, a delegation from the carbon black company will visit Egypt to assess potential factory locations.
Additionally, Indian company Welspun has expressed interest in launching a textile project in Egypt to facilitate market entry into Africa and increase exports to Europe, Arab countries, and the United States.
Welspun's representatives engaged in detailed discussions about the investment requirements related to land acquisition, energy costs, labor, and available incentives, particularly within the Suez Canal Economic Zone.
A delegation from Welspun is set to visit Egypt to collaborate with government officials on finalizing feasibility studies for the project.
Moreover, El Wathek Bellah explored the possibility of establishing a direct flight route between Cairo and the Indian capital with executives from Air India.
The discussions aimed to strengthen transportation, tourism, and trade relations between the two countries.
In another meeting, El Wathek Bellah discussed progress on Ocior Energy's green ammonia production project in Ain Sokhna with representatives from the Indian company.
Earlier in the summer, Ocior Energy signed a $4.3 billion agreement with the Suez Canal Economic Zone to construct the plant at the Port of Ain Sokhna.
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