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India firms to pump $700m investments in Egypt over next few years 

July 27, 2022 at 1:03 pm

5th India-Egypt Joint Trade Committee met in Cairo, Egypt, on 25 July 2022 [@indembcairo/Twitter]

India’s Ambassador to Egypt, Ajit Gupte, said yesterday that Indian companies aim to inject some $700 million worth of investments into the country over the coming few years.

Gupte made the announcement during a speech at the 5th meeting of the Egypt-India businessmen council held in Cairo, the first such event since 2016. The gathering was part of the wider 5th India-Egypt Joint Trade Committee which convened a day earlier.

He also said that under the leadership of President Abdel Fattah Al-Sisi, Egypt has become an attractive market for Indian firms. The country is also one of the most important in the region, in terms of investment for India which has amounted to $3.15 billion, he added.

“I also urge Egyptian companies to look at investing in India especially in the field of IT, fintech, engineering equipment, food processing, auto parts, etc. I would take this opportunity to encourage our Business Council to tap the large Indian market and also make use of the Government of India’s Production Linked Incentive Scheme and others,” he said.

The ambassador also mentioned that the pandemic year 2020/21 had led to bilateral trade between the countries falling by ten per cent compared to the pre-pandemic year of 2019/20.

“It is now heartening to see that business activities have resumed in a significant manner in Egypt and with the recent changes in relaxing of all Covid-19 restrictions, I am confident that we can soon see an expansion in the long pent-up economic and business collaboration between our two countries, not to mention bilateral tourism, as well as between people of our two great nations,” Gupte said.

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