Suez Canal Head Waleed Jamaluddin announces $20M investment through Platinum India Project

Middle East: Waleed Jamaluddin, the Head of the Suez Canal Economic Zone, has announced the launch of Platinum India’s project leading in manufacturing additives and PVC installers within the Orascom Industrial Zone’s industrial developer in August with an investment of 20 million dollars. 

The announcement came during the four-day promotional tour in the Indian Capital, New Delhi and Mumbai as part of the productive meeting the Economic Zone delegation held. 

The meeting aimed to explore investment opportunities in the region’s industry and ports and attract more Indian investment. In his remarks, Waleed Jamaluddin expressed happiness in joining a new Success Partner for the Economic Zone. He stated, “We aim to attract Indian investment in the coming period, in all sectors, referring to the meeting with the company in New Delhi.

Furthermore, the industrial developer Orascom for Industries signed the contract with the company, to be done Laying the foundation stone for the project next August, signalling that the project with investments of $20 million in the first two phases with $10 million investments in 10 thousand square meters and the second 10 thousand square meters with $10 million investments. 

Moreover, the company aims to export 70% of its products overseas and 30% to the local market, signalling the desire of many Indian companies to pump investments in Egypt; this underscores the importance of the local market for these companies rather than the importance of the region as an export window for African markets.

In this context, Amr Al-Batrik, CEO of Orascom Industrial Zone, expressed his delight in choosing the Indian side to hold projects within the company as one of the major industrial developers of the Economic Zone. 

It referred to the integration between the Economic Zone and the company in coordination and cooperation to polarize numerous foreign investments rather than the ongoing work to remove any Hurdles for investors. 

The speeding actions that would improve the business climate in the region, signalling this project is the third of its kind in India’s hottest projects, were emphasized.