Economy

Egypt invites Indian investments in energy, biotech sectors

| | Updated on: Mar 20, 2013

Egypt aims to double its trade with India in the next few years from the current level of $5.4 billion even as it invited investments in various sectors like energy, biotechnology and nanotechnology.

“The trade surge between India and Egypt pushes us to set up more ambitious goal of doubling this volume within the coming few years,” Egypt President Mohammed Morsi said here at a function organised by industry chambers — FICCI, CII and Assocham.

Citing an example, he said, Egypt needs more grains which could be exported by India.

Morsi, who is heading a high-level delegation of ministers and business leaders, is on a four-day visit to India which started on March 18.

Further, he said, “I would like to invite Indian companies, businessmen and investors to take advantage of the promising opportunities Egypt offers and to assure that we will provide all required facilities and create the most inducting atmosphere for investment and business practice.”

“One of our main focuses is on attracting foreign direct investment. Both countries can co-operate in areas like ICT, space science, energy, agriculture and nanotechnology,” he added.

Sharing similar views, Commerce and Industry Minister Anand Sharma said: “I will urge Indian companies to look at Egypt more seriously and invest in various sectors. Indian companies can also partner with Egyptian firms in sectors like infrastructure, biotechnology, energy and pharmaceuticals.”

Morsi said Egypt’s location, as a bridge between Asia and Africa, astrides a major global trade route and together with its skilled human resources, makes it an attractive business destination for India.

He added that Egypt would ensure that there won’t be any obstacles for investors while setting up businesses there.

Till now, about 50 Indian companies including Aditya Birla, Dabur and Kirloskar, have invested about $2.5 billion in Egypt.

Published on March 12, 2018

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