Use Egypt to access the European, Middle East and African markets
Indian companies need to seriously consider the advantage of Egypt’s geographical location to access to markets in Europe, the Middle East and Africa, according to Ajit Gupte, Ambassador of India to the Arab Republic of Egypt with concurrent accreditation to the Arab League.
“Egypt is a politically stable country and has a very liberal economy which has enabled Indian industry to invest more than US$3.15 billion in that country,” said Gupte in the virtual inaugural session themed “India – Egypt Business Promotion, Challenges, and Opportunities” of the 3P Egypt International Expo 2021 being held from 15-16 June 2021.
While deliberating about the historic and bilateral relation shared between India and Egypt, Gupte mentioned that bilateral trade and export has been increasing between the nation in a calibrated manner.
“India has been one of the largest export destinations for Egypt and one of the largest forces for imports. Upsurge in the e-commerce segment, the rising awareness of the usage of sustainable, biodegradable and recycling printing and packaging among the Egyptian market population is also driving the growth of the Printing, Packaging and Paper market,” said the envoy.
With an increase in the trade, there is significant potential to diversify India’s trade baskets which will help to enhance the bilateral trade between the two countries, added Dr. Srikar K Reddy, Joint Secretary, FT (WANA) Department of Commerce.
Also, he highlighted that due to Egypt’s strategic location and multiple free trade agreements, there is a significant opportunity for Indian businesses to increase trade and investment.
PHDCCI President Sanjay Aggarwal deliberated about the deep-rooted relationship shared between India and Egypt based on the long history of contacts in cooperation, bilateral, regional and global issues.
He pointed out that India’s top exports to Egypt in recent years were Petroleum Products, Cotton Yarn Motor Vehicle/Cars, Processed Minerals and Buffalo Meat. India’s imports from Egypt were Crude Petroleum, Manufactured Fertilizers, Inorganic Chemicals and Crude Fertilizers.
Aggarwal noted that Indian companies are operating in all major sectors of the Egyptian economy including textiles and garments, power, chemicals including specialty chemicals, adhesives, pharmaceuticals, IT, paints, consumer goods, healthcare, PVC, caustic soda, PET Resin, plastics, paper, packaging, auto, and auto-component and trading.
Talking about the Indian Packaging Market, Aggarwal deliberated about the increase in its demand in both nations and the need for raising awareness of the usage of sustainable printing and packaging.
Ajit Gupta, Co-Chair, Packaging Committee, PHDCCI, noted that investments between both the nations have been steady even during the times of the pandemic. This is an indication of the close relations shared by India and Egypt for years. He mentioned that while the packaging is growing at a fast pace in India, sustainable and eco-friendly packaging is the need of the hour.
PHD Chamber is participating as INDIA PAVILION with support of Department of Commerce, with 50+ companies at The 3P Egypt Expo – Virtual International Expo for Paper, Printing, Packaging and Plastics sectors. #exports #manufacturing #investment #technology /fiinews.com
