Indian TCI Sanmar to invest $300mln in Egyptian market

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Egypt - Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel El-Wazir, has met with a delegation from Indian TCI Sanmar Chemicals, led by Chairperson BS Jayaraman and Managing Director S. Ganesh Kumar, to explore investment opportunities in the Egyptian market and discuss the company’s future projects.

TCI Sanmar Chemicals, one of the largest Indian investors in Egypt, has invested $1.5bn in the country. The company is a leading producer of polyvinyl chloride (PVC) in the Middle East and North Africa, providing approximately 3,000 direct and indirect job opportunities.

During the meeting, the delegation expressed interest in establishing a new ethylene receiving and transport station at West Port Said Port, with an investment of $150m.

They also discussed expanding the company’s production capacity in Port Said for vinyl chloride monomer (VCM) and PVC production plants, with an additional investment of $150m. This brings the total planned investments to $300m.

The company aims to leverage the significant investment advantages in Egypt, particularly the facilities and infrastructure available in the West Port Said area.

El-Wazir emphasized the state’s commitment to enhancing the role of the private sector in deepening local industry, in line with President Abdel Fattah Al-Sisi’s directives. He mentioned that an urgent plan has been prepared to advance this promising sector, targeting the reduction of the local market gap, localization of various industries, rationalization of imports, and increasing export volumes. This will support local industry, enhance the competitiveness of Egyptian products, and help open more foreign markets.

Chairperson BS Jayaraman stated that TCI Sanmar Chemicals is keen on increasing its investments in Egypt, viewing it as a pivotal market in the Middle East and an important gateway to global markets. He noted that the company currently exports 70% of its production and allocates 30% to the local market. The company is also prepared to direct 100% of its production to the Egyptian market to help reduce imports and save foreign currency.