Egypt: India Keen to Boost Economic Cooperation With Egypt – Envoy

India’s Ambassador to Egypt Sanjay Bhattacharyya said his country is keen on boosting economic cooperation with Egypt, focusing on trade and investment.

In an interview with the Indian PTI news agency, the Indian envoy here underlined the need for “transparency and predictability” to woo more Indian businesses to the key Middle East country.

“Trade between India and Egypt increased by about 60 percent over the last five years and this is really remarkable because you will notice that trade between many other countries has actually stagnated or even gone down and global trade itself is stagnating so this is a remarkable development,” he added.

With the participation of about 20 leading Indian companies, the third round of the Egyptian-Indian Business Council will be held on March 10 to discuss ways of boosting cooperation and investments between both countries, especially in the fields of chemicals, leather, furniture and medicine.

The round will be held on the sidelines of the joint trade committee, which will begin its meeting on March 9.

Speaking about economic cooperation opportunities between India and Egypt, Bhattacharyya said economic issues should be viewed in totality.

“For us it means that we must have more trade, investment flows, technology flows and greater cooperation in developing skills, along with sharing each other’s experience and we will continue to work on all these together,” Bhattacharyya added.

“Along with a joint trade committee we have also a meeting with a joint business council, which will look at the possibilities of investments in different parts of Egypt including the Suez Canal Zone,” he said.

“Business will always flow where there is an opportunity for profit and if you can provide an environment for profit business will come,” Bhattacharyya said.

However, there are also at the same time several macro issues that every business propositions will look at, he added.

“Two-thirds of Indian investments are already along the Suez Canal. In other words, Indian investors had long ago realized the huge potential of the Suez Canal area as a hub and I’ve been to Port Said and Ismalia and Ain Soukhna, where there are Indian investments and I found that the local authorities over there have been very, very helpful in many instances to Indian investors,” he added.

Source: MENA