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Marico, one of India’s leading FMCG Companies in the beauty and wellness arena, officially inaugurated its third manufacturing factory in Egypt in Sadat City. The new factory will serve as Marico’s regional production hub for Parachute, Region’s most popular hair cream product. As Marico’s flagship product, Parachute will be manufactured at the Sadat factory to meet regional export demand within the MENA region. Parachute is the number 1 Hair Cream product in the UAE. It is widely available across the Gulf Countries with a wide distribution network. With its unique Coconut based formulation, it provides vital nourishment to the hair and has been specially formulated for the Arab consumer

With state-of-the-art manufacturing equipment and technology and processes across the value chain, Marico is committed to applying international best practices to the industry as well as providing new job opportunities.

“As the investment in our newest manufacturing facility demonstrates, Marico is deeply committed to furthering the strong economic & commercial relations between Egypt and India,” said Harsh Mariwala, Chairman and Managing Director of Marico Limited. “With substantial presence in Egypt, Marico is also dedicated to enhancing the technological capabilities and standards of the manufacturing industry in Egypt. Just as Egypt has much to offer us, Marico is striving to provide just as much in return.”

Marico is one of the many Indian companies to tap the growing business opportunities that Egypt is able to offer. As Egypt’s third largest trading partner and twelfth largest investor, India has become one of Egypt’s closest allies in the business world. Elaborating on this point, HE Mr. A. Gopinathan, the Indian ambassador to Egypt commented “India and Egypt are moving towards a very close partnership that reflects not only the civilization and historical ties, but also the evolving relationship that includes trade and investment flows and people-to-people contacts through the significant increase in tourist traffic and air links, and the vast opportunities that Egypt has to offer to Indian entrepreneurs.”

India and Egypt have always had a healthy business relationship, but in recent years with reform policies of His Excellency President Hosny Mubarak this has seen a remarkable upswing. At the beginning of 2008, media reports stated that Indian investments were estimated at $3 billion spread over 40 separate projects. With Marico’s business expansion adding to a number of well-established Indian companies already in Egypt, there are seemingly limitless opportunities or furthering the strong and growing economic and commercial relations between Egypt and India.

Source: Moneycontrol