The President of Egypt Abdel Fattah El-Sisi pitched toward the development axis of the region of the Suez Canal, which includes several industrial and logistic zones, as a major investment opportunity for Indian Companies. Sisi told that a gathering was held with the leading Indian businessman during his visit to Delhi, which provides promising opportunities for companies that wish to benefit from the strategic location of Egypt which is a center for the production and re-export of products to several countries of the world, particularly in the Arab and African region.
The Suez Canal passageway is located around the main international maritime route, which connects Europe, East, and North Africa via the Suez Canal with Asia which passes through the Persian Gulf serving the majority of the global trade. The Suez Canal Economic Zone (SCZONE) aims to be one of the main logistic hubs in the region.
Along with the heads of major Indian Companies and senior representatives of various federations and Chambers of Commerce and Industry, Piyush Goyal, the Commerce and Industry Minister of India also attended the India-Egypt Business Roundtable and discussed ways further to intensify bilateral trade which stood at a record of USD 7.26 billion in Financial Year 2021-22.
Highlighting the march of economic development in Egypt, Sisi is keen on increasing Indian investments within the framework of joint action to increase mutual interest and make the best use of the opportunities available. After the bilateral talks with the Indian Prime Minister Narendra Modi, the Egyptian resident said that their vision aims to maximize the cooperation that exists in various fields and move towards newer partnerships in multiple new fields, including cooperation in the field of new and renewable energy, and also in the production of green hydrogen.
Last year, it announced the signing of seven Memorandum of Understanding (MoUs), with international industries, including India Energy group ACME, in order to set up green hydrogen ammonia production facilities in Sokhna. Indian companies have already entered into major projects in Egypt. More than 50 Indian companies have invested around 3.15 billion in multiple sectors of the Egyptian economy, including energy, chemicals, textile, garments, agri-business, retail, etc.
New Delhi also believes that as the bilateral ties continue to grow strongly in the fields of defense, investments, and trade, cooperation in new initiatives such as green hydrogen and ammonia will further bolster their relationship.
PM Modi said that on the 25th of January, extensive discussions were held on strengthening the food and pharma supply chains affected by COVID and the conflict in Ukraine. The PM further said that they have agreed on the need to increase mutual investment and trade in these areas. Together the leaders have decided that in the next five years, the bilateral trade reaches 12 billion dollars.
