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HomeEconomyIndia’s Flex Lays Foundation Stone of $110mln Plant in Egypt's Ain Sokhna

India’s Flex Lays Foundation Stone of $110mln Plant in Egypt’s Ain Sokhna

The foundation stone of the Indian plant of Flex-Egypt for the production of polyethylene company has been laid at Ain Sokhna Industrial Zone with $110 million in investments, according to a statement by the General Authority for Suez Canal Economic Zone (SCZone) on April 9th.

The plant will be developed by Orascom Industrial Parks over the coming two years on an area of 250,000 square meters within the scope of the industrial developer at the SCZone, with a capacity of up to 30,000 tons per month.

The project will be executed in two phases: the first will commence by mid-2024 and the second will be carried out by mid-2025.

The first phase will provide over 700 direct and indirect job opportunities.

Commenting on this, CEO of the SCZone Waleid Gamal El-Dein expressed his gratitude for the Indian investments in Ain Sokhna Industrial Zone and the existence of Flex PET plant within the scope of Orascom Industrial Parks, noting that Flex is one of the largest Indian companies working in this field.

Gamal El-Dein also noted that a delegation from the SCZone is getting ready to visit India to promote investments in Egypt, particularly in the SCzone.

Source : Zawya

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