El-Wazir announced this in a meeting on Monday with the Chairman of TCI Sanmar Chemicals PS Jayaraman, where they discussed investment opportunities in the Egyptian market in the ministry's headquarters in the New Administrative Capital. 

TCI's new investment includes establishing a $150 million station to receive and transport the hydrocarbon material "ethylene" through West Port Said Port.

It also includes expanding the production capacity of TCI's two factory complexes in Port Said — one which produces vinyl chloride monomer (VCM) and the other polyvinyl chloride (PVC) — at an investment of $150 million.

TCI Sanmar Chemicals is one of the largest Indian investors operating in the Egyptian market, with an investment value reaching $1.5 billion.

It is also one of the biggest producers of PVC in North Africa and the Middle East, providing 3000 direct and indirect job opportunities.

During the meeting, Minister El-Wazir highlighted Egypt’s keenness to strengthen the role of the private sector and international investors in developing the local industry.

He noted that the government has devised a plan to localize industries and increase the competitiveness of Egyptian products to increase exports and open new markets.

For his part, PS Jayaraman affirmed the company’s goal to increase its investments in the Egyptian market due to its strategic location as an outlet to the Middle East and the world.

He explained that the company exports 70 percent of its production, directing the remaining 30 percent to local markets.

Jayaraman added that TCI Sanmar Chemicals is prepared to direct 100 percent of its production to the Egyptian markets to rationalize imports and save hard currency.

This aligns with the new cabinet’s plan, which includes increasing the annual growth rate of foreign direct investments to 14 percent by 2030, following the State Ownership Policy Document.