Sanmar Group to pump $350m investments in Egypt

Egypt's Ambassador to India Hatem Tag El Din received on Sunday Deputy Chairman of Sanmar Group and Head of the Egyptian-Indian Business Council Vijay Sankar, according to a statement released by the Foreign Ministry.

The meeting aims at following up the outcome of the Indian business delegation's participation in the Egypt Economic Development Conference (EEDC), held in Sharm El Sheikh in March, added the statement.

The Indian official, on his part, praised the organization of the EEDC and the projects floated during the conference in the fields of urban development, energy, logistics and the Suez Canal Development Corridor.

The Indian official said Sanmar has ended all feasibility studies to establish a new production line at its factory in Port Said governorate, a matter which necessitates pumping around dlrs 350 million in investments to bring the total investments of the company to dlrs 1.45 billion.

The total Indian investments in Egypt hit dlrs 2.5 billion. The volume of trade between the two countries exceeds dlrs 5 billion.