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Egypt is looking at greater investments from India: Egyptian Foreign Minister Sameh Hassan Shoukry
Mar 22, 2018
NEW DELHI, 22 March 2018: Egyptian Foreign Minister Mr. Sameh Hassan Shoukry has expressed his country's desire to attract large doses of Indian investment and invited Indian business to join hands with their counterparts in industry-friendly Egypt.
Speaking at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr. Shoukry said that Egyptian economy has recorded a healthy recovery with its GDP growing from 3.8% in 2015-16 to 4.2% in 2016-17. All the key macro-economic indicators point to a stable and inclusive growth, reflecting economic prosperity for the country and its people, he said.
He added that the business environment has never been as conducive as now. New Free Trade Zones have come up, there are legal guarantees for investment and the physical and social infrastructure was strong.
He urged Indian industry to take advantage of Egypt's geographical location as a gateway to the African market and the opportunities that were merging through the deepening of Egypt-India bilateral economic cooperation.
Mr. P. S. Jayaraman, Chairman, TCI Sanmar Chemicals, Port Said, Egypt, said that the India-Egypt dynamics has all components of a strong co-operation and there is a great opportunity for India and Egypt to create a new partnership in this new era. The economic engagement between the two countries is considerable. The trade volume stands at US$ 3.23 billion and Indian investments in Egypt has touched $ 3 billion in over 50 Indian ventures.
Manufacturing, he said, offered great prospects, adding that Indian companies should seriously explore the opportunities to set up manufacturing bases in Egypt which has an enviable and strategic location that allows to access markets in Europe, Africa and in West Asia.
Mr. V. S. Sahney, Chairman, Sun Group, expressed hope that Indian companies will participate in the Suez Canal Economic Zone, in sectors such as petro-chemicals, energy, agriculture, healthcare, education, skills and IT. There was also scope for cooperation in ICT, agriculture, biotechnology, renewable and non-conventional energy and skill development, he added.