Indian company lays cornerstone for $110mln PET factory in Egypt

Flex P Films Egypt, a subsidiary of Indian flexible packaging materials company UFLEX, laid the cornerstone for its polyethylene terephthalate factory - Flex PET - in the industrial zone in Sokhna in the presence of Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE).

In September 2022, Zawya Projects had reported that the company is setting up a polyester resin manufacturing plant in Egypt at a total investment of $110 million.

The 30,000 tonnes/month capacity plant is being built over an area of 250,000 square metres in SIDC Industrial Park, owned by Orascom Industrial Parks, according to an SCZONE statement.

The statement said the project would be implemented in two phases with Phase 1 scheduled to start operations during the first half of 2024, while Phase 2 would be implemented by mid-2025.

It is expected to create more than 700 direct and indirect job opportunities.

The SCZONE chairman welcomed the Indian company’s decision to expand its plant in Egypt to cover the domestic market and to export to Middle East countries.

“We are preparing to conduct a promotional tour in India to attract more Indian investments within SCZONE,” Gamal El-Din said.

The statement also noted that SIDC attracted 12 investors with total investments estimated at 94.3 million Egyptian pounds ($3 million) in 2022. In the first quarter of 2023, six companies signed up with a total investment of more than EGP 240 million ($7.8 million).