Al Akhbar, p.2, (21-6-2007)

Dr. Ziad Bahaa Al Din, Chairman of General Authority for Investment, discussed with FICCI chairman Chandra Kumar Dhanuka and an Indian delegation comprising 29 major investors in India establishing an Indian investment base in Egypt with the objective of creating real export opportunities under the current good investment atmosphere in Egypt. An Egyptian delegation of senior officials in the Egyptian Authority for Investment is scheduled to visit India next November. The Egyptian delegation will visit the Indian industrial hubs. FICCI chairman said intensive discussions are currently being held with officials of the Authority of Investment to start huge Indian investments in Egypt in various sectors including cement, spinning and weaving, petrochemicals, iron and steel, medical equipments, textiles, synthetic fibres and consultancy. Dr. Dhanuka said an agreement has been signed yesterday to establish the first factory in the Middle East to produce polyester chips used in manufacturing bottles of mineral water and carbonated drinks. The total cost of the project amounts to around US$ 250 million covering the two stages of the project. The first stage will cost $135 million and will be completed within 20 months, after which operation will start with a capacity of 315,000 tonnes, the world's biggest capacity. 30% of the production will be marketed domestically, while the rest, 70%, will be exported at a value of $300 million annually. He added that the partnership contract between the Holding Company for Chemicals and South Asia Petrochemicals came after long negotiations for more than 6 months. According to the agreement, 90% of the factory workforce, about 800 employees, will be Egyptians. It was also made sure that the factory does not have any harmful effect on environment.

 

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