Egyptian Foreign Minister: Indian investments in Egypt estimated at $4 billion

• Egyptian Foreign Minister meets with President of the Federation of Indian Chambers of Commerce and Industry
• Working to establish a joint Egyptian-Indian chamber of commerce to enhance bilateral trade and industrial cooperation

Dr. Badr Abdel Aty, Minister of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs, met today, Thursday, with Harsh Agarwal, President of the Federation of Indian Chambers of Commerce and Industry, at the Federation's headquarters in New Delhi.

The Egyptian Foreign Minister traveled to the Indian capital, New Delhi, yesterday to hold the first round of strategic dialogue between the two countries at the foreign ministers' level. He is also holding a number of bilateral meetings with senior Indian government officials, as well as heads of major Indian companies, as part of strengthening bilateral relations and the strategic partnership between the two countries.

During the meeting, the Egyptian Minister expressed his appreciation to the Federation of Indian Chambers of Commerce and Industry, noting that Indian investments in Egypt are estimated at approximately $4 billion, and that approximately 55 Indian companies operate in Egypt. He emphasized his commitment to strengthening cooperation between the two countries, especially in the fields of food security, communications, information technology, health, pharmaceuticals, water desalination, new and renewable energy, textiles, the automotive and components industry, and the chemical industry.

He emphasized his commitment to achieving industrial integration with Indian companies by establishing successful partnerships and making Egypt a launchpad for foreign markets. Egypt enjoys advantages that enable it to enter the markets of Arab, African, and European countries, as well as the markets of Latin American countries that are members of the Mercosur and Turkey, due to the free trade agreements Egypt has signed with several countries and economic blocs.

He also pointed out the Egyptian government's efforts to provide a more competitive and attractive investment climate for local and foreign investments, based on transparency, providing a supportive institutional and legislative environment, improving the business environment, simplifying procedures, and removing obstacles facing investors, while strengthening the role of the private sector as a key partner in development.

The Minister also discussed the agreement on the promotion and protection of mutual investments between Egypt and India, and the agreement on the avoidance of double taxation, which gives Indian companies a comparative advantage when investing in Egypt. He indicated readiness to hold a meeting with the heads of Indian companies operating in Egypt as soon as possible, with the participation of representatives from the relevant technical ministries.

The Minister of Foreign Affairs also discussed the outcomes of the strategic partnership agreement between Egypt and India, addressing cooperation in trade in strategic commodities required to achieve food security and contain the repercussions of the global food crisis. He emphasized the importance of strengthening cooperation and increasing investments in this field in a manner that serves both countries.

In conclusion, the Minister of Foreign Affairs and the President of the Federation of Indian Chambers of Commerce and Industry agreed to work towards establishing a joint Egyptian-Indian Chamber of Commerce, which would enhance bilateral trade and industrial cooperation.