Suez Canal Economic Zone (SCZONE) announced on Monday inking a contract to establish a factory affiliated to Abdos Labtech Indian company specialised in manufacturing plastic products used in labs.
The 55,000 square metre factory, with a total investment of $30 million will provide 350 job opportunities.
The inking was witnessed by Head of the SCZONE Walid Gamaleldin, the foreign affairs attaché at the Indian embassy in Cairo and Director of Abdos Labtech Kamal Agarwal.
In a statement, the SCZONE said that inking 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 factory represents another step on the way to attract more Indian investments in the sectors wanted to be localised in the SCZONE.
Meanwhile, Gamaleldin said that the SCZONE aims at attracting more Indian investments in the coming period in el Sokhna zone.
He asserted the importance of these companies in the Egyptian market and the keenness of the SCZONE to present aspects of support to all the companies in the different stages of the project.
He said that the Egyptian government and the SCZONE are working on easing the hindrances facing the investors and boosting investment incentives presented to them by adding a new bundle of financial incentives to provide the maximum support to attract investments and localise industry.
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