Egypt look­ing for In­dian in­vest­ment

The Pak Banker - - BUSINESS -

In­creas­ing bi­lat­eral in­vest­ments, a greater role for In­dia in re­gional se­cu­rity and sta­bil­ity and fight­ing ter­ror­ism are among the key is­sues that are likely to come up for dis­cus­sion dur­ing Ex­ter­nal Af­fairs Min­is­ter Sushma Swaraj's visit to Egypt early next week.

"The visit of the In­dian ex­ter­nal af­fairs min­is­ter next week is a con­tin­u­a­tion of the his­toric re­la­tions be­tween In­dia and Egypt," Egypt's Am­bas­sador to In­dia, Hatem Tageldin, told IANS in an in­ter­view. "The Arab re­gion and In­dia are among the big­gest trade part­ners and trade be­tween the two sides is worth around $180 bil­lion [Dh660.6 bil­lion]," he said.

The am­bas­sador said that Egypt is work­ing on a num­ber of mega projects from which In­dian in­vestors can ben­e­fit. "The New Suez Canal that was in­au­gu­rated on Au­gust 6 is one of them. We are plan­ning to set up a spe­cial eco­nomic zone of around 500sqkm," he said. He said there are al­ready over 50 In­dian in­vestors in Egypt and there was around $3 bil­lion of pri­vate In­dian in­vest­ment in the north African coun­try.

"In­dian com­pa­nies in the phar­ma­ceu­ti­cal, IT, in­fra­struc­ture, energy and auto com­po­nent sec­tors are ex­plor­ing the Egyp­tian mar­ket with the in­ten­tion of ei­ther ex­port­ing from In­dia or pro­duc­ing in Egypt," the am­bas­sador said, cit­ing Maruti Suzuki, Mahin­dra and the Tata Group ex­am­ples. Egypt is the hub of en­try to as many as 26 African coun­tries and with the sign­ing of a num­ber of pacts be­tween these coun­tries, In­dian com­pa­nies can move prod­uct within the re­gion with­out pay­ing any cus­toms du­ties.

As for Egyp­tian in­vest­ment in In­dia, he said: "I have al­ready vis­ited Ben­galuru to lay the foun­da­tion stone of a new Egyp­tian fac­tory. There is a sec­ond [Egyp­tian] fac­tory al­ready func­tion­ing in Noida and the ne­go­ti­a­tion process is on for a third fac­tory." He also stressed on the is­sues of re­gional se­cu­rity and the fight against ter­ror­ism that will fig­ure dur­ing Sushma Swaraj's visit on Au­gust 2425. "The two sides will also dis­cuss re­gional is­sues and the sit­u­a­tions in coun­tries like Syria, Iraq, Libya and Ye­men," Tageldin said.

"The In­dian ex­ter­nal af­fairs min­is­ter will also meet the sec­re­tary gen- eral of the Arab League apart from hold­ing bi­lat­eral dis­cus­sions with our min­is­ter for for­eign af­fairs."

Ac­cord­ing to the diplo­mat, Egypt be­lieved in In­dia's role in the Is­rael-Palestine peace process. "We trust In­dia to con­tinue its his­toric sup­port to the Palestine is­sue," he said. Cairo is also look­ing for­ward to at­tract­ing more In­dian tourists to Egypt. "Last year, we had 10 mil­lion tourists. The num­ber of In­dian tourists was 61,000. I think that is a very hum­ble num­ber," Tageldin said. "We process In­dian tourists' visas in a max­i­mum of three days.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.