Egypt’s SCZONE announces $30m new Indian investments

Egypt’s SCZONE announces $30m new Indian investments

Suez Canal Economic Zone (SCZONE) announced the signing contract with Abdos Labtech Indian company to establish a factory specialized in manufacturing plastic products used in labs, according to an official statement.

The plant will be on an area of 55,000-square-meter and with total investment of US$30 million. 

The Head of the SCZONE Walid Gamaleldin, the foreign affairs attaché at the Indian embassy in Cairo, and the Director of Abdos Labtech Kamal Agarwal have witnessed the signing ceremony.

The SCZONE said that inking of the contract is a start for the second Indian company in the SCZONE. The factory will be inaugurated in the second half of 2024.

The signing of the contract represents another step to attract more Indian investments in the sectors wanted to be localized in the SCZONE.

Gamaleldin said that the SCZONE aims at attracting more Indian investments in the coming period in El-Sokhna zone.

He said that the Egyptian government and the SCZONE are working on easing the difficulties facing the investors and boosting investment incentives to lure investments and localize industry.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.