The Indian company Jindal Steel & Power met with representatives of the Suez Canal Economic Zone (SCZONE) in Egypt. The company expressed interest in implementing at least one "green metallurgy" project in its territory.
The CEO of the company mentioned that Egypt, as one of the countries with a unique destination for investment, the economic zone of the Suez Canal, the transformation of the world to a green economy, and the creation of energy and green fuel projects.
During this meeting, Jindal Steel and Power stated that they aim to build a steel company in Ain Sokhna Industrial Park, owned by SCZONE. It was also mentioned that the capacity of the company will be approximately 5 million tons on an annual basis.The company is planned to include factories for the production of "green steel", factories for the production of hydrogen and generators powered by renewable energy sources.
Other Indian companies have also shown interest in investing in projects in SCZONE in line with trade and economic agreements between the two countries and developments in the regional and international economy. Tractor manufacturer Sonalika International has expressed interest in setting up facilities in Egypt.
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