Mr. Waleid Gamal El-Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), witnessed this morning the unveiling of the cornerstone for the Indian Flex-Egypt factory project, which specializes in the production of polyethylene (PET), in the industrial zone in Sokhna within the scope of the industrial developer Orascom for Industrial parks. The project investments are amounting to $110 million in an area of 250,000 square meters with a production capacity of 30,000 tons per month. It will be implemented in two phases over the next two years. The first phase starts during the first half of 2024 and provides more than 700 direct and indirect job opportunities. The second phase will be implemented in mid-2025. The inauguration took place in the presence of Major General Walid Youssef, Vice Chairman for the Southern zone, Dr. Ibrahim Abdel Khaleq, Vice Chairman for Investment and promotion affairs, Captain Mohamed Ibrahim, Assistant Chairman, Eng. Amr El-Batereq, CEO of Orascom Industrial Estates, officials of the Indian company, and representatives of the Indian embassy in Egypt.
This tour comes within the promotional tours that SCZONE undertakes to introduce the available investment opportunities within its scope to the international business community.
“We appreciate the presence of Indian investments in the industrial zone in Sokhna, and the presence of the Flex factory within the industrial developer Orascom for Industrial Zones, as Flex is one of the largest Indian companies working in this field. We appreciate the company’s plan to expand in Egypt to cover the Egyptian domestic market needs and to export to Middle East countries. SCZONE is the ideal destination that enables investors to access foreign markets and expand within the Egyptian domestic market through investment incentives that support this strategy. There are promising prospects for cooperation between SCZONE And Indian investments in various fields with a common interest from both sides and we are preparing to conduct a promotional tour in India to discuss means of cooperation to attract more Indian investments within SCZONE.” Mr. Waleid Gamal El-Dien, Chairman of SCZONE, declared.
“We are glad to have the SCZONE’s Chairman and the accompanying delegation to launch this project. Flex PET company has been in the Egyptian market for years and the company targets to export its products from SCZONE. We also have a presence within some European countries, the United States of America, Russia, and Mexico. We have an expansion plan carried out by the company, especially since we have investments in the industrial zone in the Sixth of October City” Mr. Sanjay Tiko, Executive Director of Flex Egypt said.
It is worth noting that Orascom for Industrial Park is one of the industrial developers and development partners within SCZONE. Orascom is working to attract various investments within the industrial zone, as in the year 2021, they succeeded in attracting 11 companies with a total investment of more than 42 million pounds, and in 2022 it was able to attract 12 investors with total investments estimated at 94.3 million pounds. In the first quarter of this year, it attracted 6 companies with a total investment of more than 240 million pounds, in addition to providing job opportunities in these projects for Egyptian youth. The projects included Textiles, food packaging, medicines, medical supplies and cosmetics, mechanical control systems, electrical panels and supplies, manufacturing plastic pipes, PET, PVC, ready-mixed concrete, manufactured stones, and mineral raw materials, in addition to the opening of the first green hydrogen production plant last November, which was in conjunction with the climate summit held in Sharm El-Sheikh.
source : The Suez Canal Economic Zone (SCZONE)