RNS: Egypt intends to set aside land for use by Indian industries in the special economic zone surrounding the Suez Canal. Both countries issued a joint statement at the summit meeting, in which they stated that the Indian side could organise the master plan for the proposal.
In the framework of India’s offer to encourage its enterprises, who have the potential to undertake abroad investments, to make use of the existing investment prospects in Egypt, the proposal is made in the context of India’s promise to do so.
“Egypt welcomes the influx of additional Indian investments and offers to offer incentives and facilities in accordance with the existing legislation and frameworks. Both Prime Minister Narendra Modi and Egyptian President Abdel Fattah El-Sisi expressed their satisfaction with the growth of Indian investments in Egypt, which have reached a total of more than $3.15 billion dollars at the present time,” said in a statement.
Both of the countries came to an understanding that they would encourage enterprises from their respective countries to investigate developing economic and investment prospects in the countries of their counterparts. Despite the difficulties caused by the pandemic, the two leaders expressed their contentment with the current level of bilateral trade, which reached a record high of 7.26 billion dollars in 2021-22.
They also expressed their appreciation for the robust economic engagement that exists between the two countries.
They expressed optimism that a bilateral trade objective of 12 billion dollars could be realised within the next five years by both countries, and the joint statement added that this could be done by diversifying the trade basket and focusing on value addition.
