Indian Ambassador in Cairo, Ajit Gupte, praised President Abdel Fattah El Sisi’s decision to terminate the state of nationwide emergency.
This step, he said, would have positive impacts on the attraction of foreign investments to Egypt.
He added at a press briefing at his embassy’s headquarters in Cairo that the volume of trade between Egypt and India reached $4.5 billion in the fiscal year 2018/2019.
“This figure is on the increase,” Ambassador Gupte said.
He revealed that India is Egypt’s ninth largest trading partner and the eighth largest importer of Egyptian goods.
Indian investments in Egypt, he added, amount to more than $3.1 billion in different sectors of the Egyptian economy.
Ambassador Gupte said over 50 Indian companies are operating in the Egyptian market, especially in industry and construction.
He said his country is among the largest foreign investors in Egypt’s non-oil sectors.
Such investments, the ambassador said, have created over 25,000 jobs for Egyptians and contributed to Egypt’s gross domestic product and exports.
Ambassador Gupte said India plans to participate in Egypt’s Defence Expo which will be held between November 29 and December 2.
He said a host of Indian defence companies would take part in the exhibition within the framework of defence co-operation with Cairo.
The Indian ambassador revealed that Egypt and India would hold joint military exercises by the end of this month.
New Delhi, he said, is interested in enhancing co-operation with Cairo in all fields.
