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India-Egypt working to facilitate cooperation between the two economies

DBS Bank India partners with eSamudaay to propel local commerce in small towns through ONDC


India-Egypt working to facilitate cooperation between the two economies

Abdel Fattah El-Sisi, President of Egypt said that both India and Egypt are working to facilitate cooperation between the two countries. “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,” he added.

Addressing the ‘Business roundtable in honour of the President of Egypt and the accompanying delegation’, organized 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 building 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% of global trade moves through the Suez Canal.

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. We have signed several MoUs 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% 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.

Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Govt of India said that 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. “Both countries have also been working together to promote cultural and educational exchanges, hosting each other’s students and scholars, and organizing 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 US$ 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 Venture operating in Egypt with a total investment of US$3.2 billion. Many companies have also committed investments in clean energy, renewables and green hydrogen. As a stable economy with a host of enabling factors for attracting investments, India is a strong choice for integrating the global supply chain. We are targeting US$ 2 trillion in exports by 2030, equally divided into merchandise and services,” he added.

Mr. Sumant Sinha, President, ASSOCHAM said this year is of importance for both India and Egypt as it marks 75 years of cordial diplomatic relations between the two countries. “This visit is an opportunity to explore new avenues of collaboration and deepen our partnership. India is one of the few large economies where economic growth and sustainable development are moving in complementary directions. The world today is going through challenging times and a new world economic order is beginning to emerge with a shift in balance of power towards asia” he added.

Mr. CP Gurnani, Chairman CII National Commission on IT & ITes and MD&CEO, Tech Mahindra said that India and Egypt enjoy friendly political and economic relations based on historic and civilizational ties. “With Egypt as an invited country by India in G20, the agenda of global south in which both countries are important stakeholders will be furthered as we engage with Egyptian businesses as key B20 partners. We are keen to contribute by creating platforms for regular exchanges between businesses of both the countries and promote long term investments from Indian Companies in Egypt. Egypt can serve as the potential hub of Indian investments and a gateway to Africa with over $ 1.4 Billion inhabitants and an estimated market size of $ 3 trillion.” he added.

Mr Vijay Sankar, Deputy Chairman, The Sanmar Group; India Chair – Egypt India Business Council (EIBC) and National Executive Committee Member, FICCI, in his Address, lauded policies of the Government of Egypt and serious reforms made under the able leadership of H.E. Abdel Fattah al-Sisi, President of The Arab Republic of Egypt. He also talked about the Sanmar success story in Egypt and also about the 10 years of EIBC.

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