Cairo – Mubasher: Flex P Films Egypt, a subsidiary of India’s Flex Group, has raised its investments in Egypt to $200 million as part of the company’s expansion plan in the Arab world's most populous country.
The group, which forayed into the Egyptian market in 2018, is working on financing its new factory in the 6th of October city through investments and loan facilities, India’s Flex chairman said in a statement.
The Egyptian market is promising and attractive to foreign investors as the country has capabilities to be a global export centre to Africa, the Middle East, and Europe, Ashok Chaturvedi added.
The group’s current operating factory is meeting the local market’s demand with 30% of production and the remaining 70% are dedicated for export, Chaturvedi indicated.
The Egyptian unit had launched its first production line of polypropylene films in 2010, followed by two new lines, he said.
Flex Group has invested up to $1.5 billion in six countries, he noted, adding that these countries are India, Egypt, the US, Mexico, the UAE, and Poland.
Chaturvedi called foreign investors to invest in Egypt immediately as the Egyptian government has paved the way for all businesspeople through economic reforms and providing incentives.
Flex Group provides all the required solutions for packing through polypropylene films and other eco-friendly products, using the latest technology, the chairman said.
