PM instructs officials to talk with Indian companies willing to set up new investments in Egypt

SHARM EL SHEIKH – Egypt’s Prime Minister Mostafa Madbouli said that he will instruct the ministers and officials concerned with the investment file in Egypt to hold meetings with Indian companies willing to set up new investments in Egypt to explain available investment opportunities in each sector.

The premier commended the outstanding relations binding Egypt and India that have recently witnessed notable progress, especially after the visit made by President Abdel Fattah El Sisi to India in January 2023, during which an announcement was made to promote relations between Cairo and New Delhi to the level of strategic partnerships. He also pointed out to the historic visit made by Indian Prime Minister Narindra Modi to Egypt in June during which a strategic partnership agreement was signed between the two countries.

Madbouli’s remarks were made during his meeting with representatives of 30 Indian companies which participated in the Indian-Egyptian Business Forum and 21st Edition of CREDAI National Convention (NATCON) 2023, scheduled to be held from 5 to 8 October 2023 at Rixos Premium Seagate, Sharm El Sheikh.

The premier asserted that exchanging visits at the level of the two countries leaders would encourage all sides to pave the way for further promoting their partnership.

He also made it clear that the Egyptian-India relations have been reinforced through signing an agreement on strategic partnership. Madbouli also voiced happiness over hosting two important events at Sharm El Sheikh “The City of Peace”, hoping that such meetings would provide a chance for businessmen from the two countries to exchange ideas and translate them to strong partnerships.

The Indian delegation grouped companies operating in the sectors of communications, information technology, artificial intelligence, oil, gas and petrochemicals, healthcare, medicine, financial and banking services, among others.

Meanwhile, Indian Ambassador in Cairo Ajit Gupte voiced happiness over convening the Indian-Egyptian Business Forum in Sharm El Sheikh, noting that this would help bolster chances of trade and investment cooperation between the two countries.

Gupte also reviewed the Egyptian-Indian ties and the stages of their historic relations, describing Egypt as the biggest Arab country in the number of population in addition to its strategic geographical locations. This matter could turn it into an important market on the international investment map, he added.

The ambassador also voiced his aspiration over turning the outcome of such meetings between the Egyptian and Indian business to actual projects on the ground as soon as possible.