Dec 30, 2016, 10.21 PM | Source: PTI
Sun Group, India's one of the leading international trading and consultancy organisations, is considering to set up a USD 40 million phosphate production plant in Egypt.
The plant to be set up in cooperation with Phosphate Misr and other Egyptian companies will contribute to increasing Egyptian phosphate and boost local market share of exports to global markets, Egypt's Minister of Trade and Industry Tarek Kabil said in a statement.
The decision was taken after Kabil met Sun Group CEO and founder Vikramjit Sahney last week.
India's Ambassador to Cairo Sanjay Bhattacharyya told PTI that there are a number of Indian companies that are very keen to enter the Egyptian market.
"The Sun Group has visited Egypt recently after doing certain market studies. They are excited about the prospects in Egypt. They've had some discussions and they hope to establish a presence in the Egyptian market soon," the Ambassador said.
"They will be setting up a joint venture with Egyptian companies for the manufacturing of fertilisers and I believe this will be very useful for Egypt's development because it will help it in its agriculture production and self-reliance as also utilise the material that is available locally," Bhattacharyya said.
The phosphate plant will be established in el-Seba'eia area in the Upper Egyptian city of Aswan, the Minister of Trade said in his statement.
"The Sun Group has considerable experience in the middle eastern market. They have presence in some of the other countries in the Gulf area as well and they have good experience overseas," the Ambassador said.
The Minister of Trade's statement added that both sides are considering signing of MoU in coming period to start working on the project during 2017.
"I hope that in the new year we will see the finalisation of this project," the Ambassador said.