Egypt’s Minister of Industry, Khaled Hashem, reiterated on Saturday that the strong political relations between Egypt and India provide “a solid foundation for taking economic cooperation to a higher level”.
According to Hashem, Egypt is seeking to attract Indian companies to jointly manufacture, transfer technology, increase local inputs, to turn the most populous Arab country an export hub for African, Middle Eastern, and other markets under Egypt’s trade agreements.
The minister made his remarks during a meeting with major Indian companies and members of the Federation of Indian Chambers of Commerce and Industry (FICCI) in Jaipur, held at the conclusion of his participation in the BRICS Industry Ministers’ Meeting.
Minister of Investment and Foreign Trade Mohamed Farid, Egypt’s Ambassador to India Kamel Galal, Assistant Minister of Industry for International Co-operation Ahmed Maghawry, and Egyptian business leaders from the leather, packaging, food and chemical sectors were present at the meeting.
Hashem made it clear that the current level of Indian investment and industrial partnerships in Egypt does not reflect the full potential of bilateral relations, urging the private sector to lead efforts to expand industrial co-operation.
He called on the government to provide a favourable investment environment, address challenges and facilitate access to industrial land, services, local partners and market information.
Hashem discussed with representatives of TCI Sanmar, SVC Industries, Ocior, Sterlite, ITC, and Reliance Industries investment opportunities in Egypt across a wide range of fields, such as chemicals, energy, electricity transmission, food processing, grain storage, consumer goods, and infrastructure.
Hashem added that the ministry would launch follow-up programmes for joint projects to identify requirements, responsible entities, and timelines, accelerating investment decisions and converting interest into projects.
