Egypt and India unveiled Sunday the cornerstone for a polyethylene (PET) production factory to cost a $110 million investment, in Ain Sokhna, Suez governorate.

The project is planned to have a production capacity of 30,000 tons per month, Ahram Online reports.

The construction will go through two phases, the first starting during the first half of 2024 while the second will be executed in mid-2025.
The project will provide more than 700 direct and indirect job opportunities.

“We appreciate the presence of Indian investments in the industrial zone in Sokhna, and the presence of the Flex factory within the industrial developer Orascom for Industrial Zones, as Flex is one of the largest Indian companies working in this field,” Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE) said.

Flex-Egypt, an Indian company in the Arab country, is owner of the future facture.