- November 2, 2023
- Posted by: Ahmed Abed
- Category: 2023, EN
Mr. Waleid Gamal El Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), witnessed the inauguration of the ground-breaking ceremony of the Platinum factory for the production of PVC/CPVC additives within the scope of the industrial developer Orascom for the industrial parks in Sokhna, on an area of 10 thousand square meters, with investments of $6 million, in the presence of Mr. Ajit Gupte, The Indian Ambassador to Cairo.
“We are grateful to witness the ground-breaking ceremony, which announces Platinum’s joining to SCZONE. We also appreciate that the company chose Egypt and SCZONE to be the first destination for their projects outside India. The manufacturing of PVC/CPVC additives and stabilizers is one of the industries that SCZONE aims to localize to cover the domestic market needs. It is also important to have further expansion of the company within SCZONE to cover the needs of the neighboring countries through trade agreements that allow access to various global markets. I’m glad with the factory’s efforts to focus on environmentally friendly manufacturing through the use of renewables.” Mr. Waleid Gamal El-Dien, chairman of SCZONE declared.
“SCZONE aims to attract more Indian investments, especially after the recent visit of the Authority’s delegation to India, which resulted in several meetings and contracts that demonstrated the common interest for further cooperation. On this occasion, I want to thank Ambassador Ajit Gupte for his constant keenness to introduce SCZONE to the Indian business community, as we are ready to deepen the cooperation with Indian investments, and this is what the SCZONE’s delegation witnessed during its visit to India.” Mr. Waleid Gamal El-Dien added.
“ I’m happy to be in SCZONE, especially since the volume of Indian investments in Egypt amounted to $3.3 billion, most of which were in the field of manufacturing. The Egyptian-Indian relations are ancient and historical, but they witnessed new bright pages, especially after the exchange of high-level visits between the two countries, which received notable attention from the Egyptian and Indian peoples. It was the first visit of an Egyptian president to India on the Republic Day. There are great opportunities for more economic cooperation between the two countries, especially in SCZONE.” Ambassador Ajit Gupte said.
” This is the company’s first project outside India, and the selection of SCZONE inside Egypt is the first step in the company’s strategy for the year 2030, which aims to expand and grow in multiple markets. the project aims to produce 30 thousand tons annually, which will meet the needs of the Egyptian market, whose needs for PVC stabilizers during the year 2023 reached 12.3 thousand tons and is expected to reach 15.5 thousand tons during the year 2027.” Mr. Krishna Rana, chairman of Platinum Company, said.
It is worth noting that the contract for this project was signed during SCZONE’s delegation visit to India last June. The promotional tour of SCZONE to India included extensive meetings with representatives of the government, trade associations, companies, and Indian industrial entities, in New Delhi and Mumbai.
