The Indian TCI Sanmar Chemicals SAE plans to invest additional $200m in 2020 into the Egyptian market, Chairperson PS Jayaraman told Daily News Egypt on the sidelines of his participation in the Africa Investment Forum from 22 to 23 November.
The company’s current investments in Egypt are at $1.5bn, Jayaraman mentioned, noting that he had a good meeting with the Egyptian President Abdel Fattah Al-Sisi at the forum.
“The president is very flexible and cares a lot to solve the issues that might face the investors in Egypt. The recent meeting with the president encourages us to invest more in the market,” Jayaraman said, asserting that the president sets the right direction for a future to a great country.
“As an investor, I feel very comfortable investing in Egypt, particularly as the investment guidelines are clear and Egypt is a big growing market,” Jayaraman added.
TCI Sanmar Chemicals SAE created a world class capacity for producing petrochemicals in Egypt, he said, adding that his factory PVC production is the largest in North Africa and the Middle East region.
The company strongly believes that the PVC industry, including upstream and downstream industries, is very well suited to grow rapidly in Egypt because of the easy and cost-effective access to raw materials and markets, except for the unfavourable duty structure, Jayaraman told DNE in September 2018.
“We now have direct 900 employees in our roles and 1000 indirectly employed through the outsourcing of contractors,” he mentioned, adding that the company is exploring business opportunities in Africa, yet the company believes that Egypt is a good base to access the African continent.