TCI Sanmar Chemicals, a top Indian chemicals producer, plans to invest $150 million to establish a new ethylene receiving and transport station at West Port Said, Egypt, according to the Ministry of Trade and Industry statement. The company is planning to invest an additional $150 million in expanding its factories in Port Said for VCM and PVC production, bringing the total planned investments to $300 million. This expansion aims to capitalise on the investment opportunities in the Egyptian market, leveraging the existing facilities and infrastructure, particularly in the West Port Said Port. Egypt's Minister of Trade and Industry emphasised the state's commitment to boosting the private sector's role to strengthen local industry, in line with President Abdel Fattah al-Sisi's directives. He highlighted the urgent plan in place to boost the promising sector, aiming to bridge the gap in the domestic market, localise industries, reduce imports, and boost exports. This effort supports domestic industry, improves the competitiveness of Egyptian products, and expands access to foreign markets. Jayaraman, chairman of TCI Sanmar, highlighted the company's commitment to expanding investments in the Egyptian market, a key market in the Middle East and a gateway to global markets. Currently, the company exports 70 per cent of its production and allocates 30 per cent to the local market. The company is prepared to shift its entire production to the Egyptian market to reduce imports and conserve foreign currency. TCI Sanmar Chemicals, a major Indian investment in Egypt with a $1.5 billion investment, is a leading producer of polyvinyl chloride in the Middle East and North Africa. The company creates around 3,000 jobs for young people in the region. Attribution: Ministry of Trade and Industry statement
