India’s Ostwal Group eyes $300m fertiliser plant in Egypt: El-Khatib – Dailynewsegypt
India’s Ostwal Group of Industries is considering building a $300m fertiliser plant in Egypt, the country’s investment minister said Wednesday.
The proposed facility would have an annual production capacity of 700,000 tons, according to Investment and Foreign Trade Minister Hassan El-Khatib.
This came during a Wednesday meeting between El-Khatib and a delegation from the group, led by Chairperson and Managing Director Praveen Ostwal, to discuss investment opportunities.
“The Indian group aims to export to markets in the Middle East, Africa, and Europe, in addition to serving the Indian market,” El-Khatib said. “They seek to leverage the significant investment potential of the Egyptian market, which includes the availability of raw materials, skilled labour, and energy, along with Egypt’s strategic position as a global production and export hub.”
Ostwal expressed enthusiasm for the Egyptian market, calling it a “key market in the Middle East and Africa.”
“We aim to invest and expand in the Egyptian market,” Ostwal said. “The group is a leading producer of fertilisers and chemicals in India, with a presence in 10 countries worldwide, 150 retail branches, and 17,000 distributors.”
El-Khatib emphasised the government’s commitment to supporting foreign investment and improving the investment climate.
“We are working to overcome any obstacles that might face investments in the Egyptian market,” he said.
The meeting was also attended by Yasser Abbas, Vice President of the General Authority for Investment and Free Zones, Manar Wali, Head of the India Desk at the Authority, and Omar Abdel Nasser, Managing Director of Lotus Gold Corporation for Mining.