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INDIAN INVESTMENTS IN EGYPT

Over 55 Indian companies are active in various sectors with a combined investment exceeding US$ 4 bn. Overall, these companies contribute to Egyptian exports upwards of US$ 1 billion every year. The year 2023-24 has witnessed a surge in Indian investments in Egypt with five Indian companies having invested around US$ 175 million in the Suez Canal Economic Zone.

500 Indian companies are present in a range of sectors like apparel, agriculture, chemicals, energy, automobiles, retail, and others. Overall, these companies provide direct and indirect employment to approximately 38,000 Egyptians and are responsible for Egyptian exports of upwards of US$ 1 billion every year.

Major Indian investments in Egypt include TCI Sanmar (with a value of US$ 1.6 bn), Alexandria Carbon Black, Kirloskar, Dabur India, Flex P Films, SCIB Paints, Godrej, Mahindra and Monginis among others. Detailed list is attached.

Major investment in 2023 include by Flex P. Films (US$ 110 million; Chemicals), Abdos Life Sciences (US$ 22 million; FMCG manufacturing), EKC Cylinders (US$ 33 million; Industrial cylinders) and Platinum Industries (US$ 7 million; Chemicals) and Allengers Medical systems (US$ 600,000; Medical Devices)]

Another Indian conglomerate ‘INDORAMA’ is investing in a greenfield fertilizer plant in Suez Canal Economic Zone with an estimated investment of US$ 600 million for production of fertilizers. With this, India’s total investments in Egypt would cross US$ 4.5 billion mark.

The Renewable energy is an important area of interest for Indian companies in Egypt. Two large Indian companies (Renew and OCIOR) have signed MOUs and binding ‘Framework Agreement’ with Egyptian authorities to produce Green Hydrogen with an investment commitment of US$ 12 bn.