Flex P Films Egypt, a subsidiary of Indian flexible packaging materials company UFLEX, is set to build a new polyester resin manufacturing plant in Egypt with a total investment of $110 million.
The new plant, called Flex PET, will have a production capacity of 30,000 tonnes per month and cover an area of 250,000 square meters in the SIDC Industrial Park.
Project Implementation and Job Opportunities
According to a statement from the General Authority for the Suez Canal Economic Zone (SCZONE), the project will be implemented in two phases, with Phase 1 expected to start operations in the first half of 2024 and Phase 2 to be implemented by mid-2025. The project is also expected to create over 700 direct and indirect job opportunities.
SCZONE Chairman’s Comments
The chairman of SCZONE, Walid Gamal El-Din, welcomed UFLEX’s decision to expand its plant in Egypt to serve both the domestic market and export to Middle East countries. “We are preparing to conduct a promotional tour in India to attract more Indian investments within SCZONE,” said Gamal El-Din.
Investment in SIDC Industrial Park
The statement also highlighted that the SIDC Industrial Park has 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).