Minister of Foreign Affairs, Emigration and Expatriates Badr Abdelatty met on Thursday with President of the Federation of Indian Chambers of Commerce and Industry (FICCI) Harsha Agarwal, at the federation’s headquarters in New Delhi.
Abdelatty highlighted that Indian investments in Egypt currently amount to $4 billion, with around 55 Indian companies operating in the country, according to a statement by the foreign ministry.
He emphasized Egypt’s keen interest in strengthening cooperation with India, particularly in key sectors such as food security, telecommunications and information technology, healthcare and pharmaceuticals, water desalination, renewable energy, textiles, the automotive industry and its components and the chemical industry.
He underscored commitment to achieving industrial integration with Indian companies by establishing successful partnerships and positioning Egypt as a launchpad to foreign markets.
He noted Egypt’s strategic advantages, enabling access to Arab, African, European and Latin American markets, as well as Turkey, through a network of free trade agreements with numerous countries and economic blocs.
He outlined the Egyptian government’s efforts to create a more competitive and attractive investment climate for both domestic and foreign investors.
He highlighted a focus on transparency, a supportive institutional and legislative framework, an improved business environment and simplified procedures to overcome challenges facing investors, alongside efforts to strengthen the private sector’s role as a key partner in development.
He also referred to agreements between Egypt and India, including the agreement on the promotion and protection of investments and the double taxation avoidance agreement, both of which offer Indian companies distinct advantages for investing in Egypt.
Abdelatty expressed readiness to convene a meeting soon with the heads of Indian companies operating in Egypt, with the participation of relevant technical ministries.
The meeting further touched on the outcomes of the strategic partnership agreement between Egypt and India, particularly in relation to cooperation on the trade of essential goods to bolster food security and mitigate the impact of the global food crisis.
The minister stressed the importance of expanding cooperation and investments in this area for the mutual benefit of both nations.
