A delegation from the Suez Canal Economic Zone (SCZone) is visiting India shortly to promote the region’s available investment opportunities, the Indian ambassador to Egypt, Rahul Kulshreshth, told Daily News Egypt.
The Egyptian delegation will meet some of the Indian companies’ representatives and show them a presentation that will facilitate their investment decisions, the ambassador said.
About seven companies are still negotiating with the Suez Canal Authority to sign a memorandum of understanding to develop an industrial zone in the Suez Canal area, he pointed out.
“The Indian companies will not be manufacturing, but they will finance planning and provide facilities with initial investments. Then they will invite other companies to invest in the area. The real success will be through attracting other Indian companies to invest in the area,” the ambassador explained in a past DNE report in August 2018.
The ambassador said that representatives from the Invest in India organisation are currently in Egypt and they will attend a business seminar in Cairo on Monday 11 March, in addition to a similar one in Alexandria the next day, clarifying that Invest in India is a semi-governmental organisation but it functions as a private sector organisation.
Many Indian companies are interested in boosting their current investments in the Egyptian market, including Sanmar group and others which are soundly implementing their expansions, he noted, adding that an Indian company is considering investing in Egypt’s automotive sector, in addition to other various companies.
The economic and commercial component of the Egyptian-Indian bilateral ties received particular attention. Indian investments in Egypt stand at about $3bn. The engagement of India and Egypt reached a milestone in 2016 with the landmark state visit of President Abdel Fattah Al-Sisi to India.