India, Egypt working to facilitate bilateral economic cooperation: Prez El-Sisi

NewsDrum Desk
25 Jan 2023

New Delhi, Jan 25 (PTI) Egyption President Abdel Fattah El-Sisi on Wednesday said his country and India are working to facilitate bilateral economic cooperation, as he invited Indian companies to invest in Egypt.

El-Sisi said Indian firms could use Egypt as a launch pad for their products to reach local and global markets as it is ideally located to access both European and Arab markets.

Egypt is a transcontinental nation linking Northeast Africa with the Middle East.

"We want to bring more Indian investments into our markets and will support the companies. That was my guidance to the ministers to help companies fill the gaps in the markets," El-Sisi, who is currently on a visit to India, said here.

Addressing a business roundtable organised by Assocham, jointly with Ficci and CII, President El-Sisi stated that Egypt is working to build an economy that is at global levels of efficiency and an environment that is suitable for foreign and international companies.

New economic zones that are located strategically are being launched, including the Suez Canal economic zone which is one of the most important economic zones in the world. The world supply chain will be secure if we cooperate especially because more than 12 per cent of global trade moves through the Suez Canal, El-Sisi said.

Highlighting the potential sectors for investment, President El-Sisi said, "we welcome Indian companies to invest in Egypt and make it a launch pad for Indian products to the local and global markets as we are ideally located to access both European and Arab markets.

"We look forward to cooperate with Indian companies in the manufacture of medicines and pharmaceutical products. We have plans to improve our ability to produce renewable energy and to give more opportunity for investment in this area especially in solar energy and wind energy and other sources of renewable energy," El-Sisi said.

The Egyptian President informed that the country has signed several MoUs (memorandum of understandings) especially with Indian companies to make Egypt a hub for producing green hydrogen and become the green hydrogen capital of the world.

IT sectors and communications are very important for the Egyptian economy, it has grown 60 per cent and Egypt is really supporting this sector with financial and other direct and indirect support. "We are also looking at AI solution for the problems that we are facing," El-Sisi shared.

Commerce and Industry Minister Piyush Goyal said India has invited Egypt to participate as a guest country in the G20 meetings during its presidency, which is a testament of the high priority India attaches to its relations with Egypt.

"We have a history of close and friendly bilateral ties based on shared values and a common vision for regional and global peace and prosperity," Goyal said.

"Both countries have also been working together to promote cultural and educational exchanges, hosting each other's students and scholars, and organising cultural festivals and events. This has helped to deepen mutual understanding and promote people-to-people ties between the two countries," he added.

The minister further stated that India is one of Egypt's largest trading partners, with bilateral trade between the two countries reaching USD 7.26 billion in 2021-22.  India has also been a major investor in Egypt, with Indian companies investing in sectors such as infrastructure, energy, and telecommunications.

"There are 52 Indian companies of which 25 are joint ventures operating in Egypt with total investment of USD 3.2 billion. Many companies have also committed investments in clean energy, renewables and green hydrogen. As a stable economy with a host of enabling factors for attracting investments, India is a strong choice for integrating global supply chain. We are targeting USD 2 trillion in exports by 2030, equally divided into merchandise and services," Goyal added. PTI RSN HVA

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