FM Shoukry seeks India-Egypt JVs

Egyptian Foreign Minister Sameh Hassan Shoukry has called on the Indian industry to take advantage of Egypt’s geographical location as a gateway to the African market.

He also urged the Indian business to join hands with their Egyptian counterparts for opportunities through the deepening of Egypt-India bilateral economic cooperation.

Speaking at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Shoukry said that Egyptian economy has recorded a healthy recovery with its GDP growing from 3.8% in 2015-16 to 4.2% in 2016-17.

All the key macro-economic indicators point to a stable and inclusive growth, reflecting economic prosperity for the country and its people, he said.

Trade volume stands at US$3.23 billion and Indian investments in Egypt has touched US$3 billion through over 50 Indian ventures.

He urged Indian industry to take advantage of Egypt’s geographical location as a gateway to the African market and the opportunities that were merging through the deepening of Egypt-India bilateral economic cooperation.

Manufacturing offered great prospects, added P. S. Jayaraman, Chairman, TCI Sanmar Chemicals at Port Said in Egypt.

Indian companies should seriously explore the opportunities to set up manufacturing bases in Egypt which has an enviable and strategic location that allows to access markets in Europe, Africa and in West Asia, he elaborated.

V. S. Sahney, Chairman, Sun Group, expressed hope that Indian companies will participate in the Suez Canal Economic Zone, in sectors such as petro-chemicals, energy, agriculture, healthcare, education, skills and IT.

There was also scope for cooperation in ICT, agriculture, biotechnology, renewable and non-conventional energy and skill development, he added at the FICCI meeting held on 22 Mar 2018 in New Delhi. fii-news.com