ICEC

14 Egyptian businessmen to join Sisi’s visit to India on September 1st

A delegation from the Egyptian side at India-Egypt Business Council is set to join President Abdel Fattah al-Sisi’s visit to India on September 1-4, 2016.

Speaking to Amwal Al Ghad Thursday, Chairman of the Egyptian side, Khaled Abu El Makarem stated that the mission is set to include 14 businessmen.

During the visit, the council is set to be convened with its both sides to discuss enhancing mutual trade exchange between two states, Abu El Makarem -also the head of Egyptian Chemical Export Council (CEC)- said.

He added that the Egyptian delegation is scheduled to meet with largest Indian firms to talk over boosting Indian investments in Egypt besides removing obstacles facing Indian investors in Egypt .

Both sides are set to discuss a number of projects that Indian side plans to establish in Egypt in cooperation with its Egyptian counterparts. The set-to-be-built projects include implementing a factory for manufacturing electronic devices and cell phones.

Project’s partnership agreement is set to be inked during the visit, the official pointed out, adding that execution works are scheduled to start at the beginning of 2017.

The projects also include establishing a factory for manufacturing agricultural machines and tractors in Egypt with investments worth US$40 million, Abu El Makarem said.

Indian multinational automobile and agricultural equipment maker Mahindra and Mahindra Limited (M&M) studies executing the project in cooperation with an Egyptian firm whether working in public or private sector.

On Wednesday, officials of M&M met Egyptian Trade and Industry Minister Tarek Qabil to discuss the project.

On other side, trade exchange between Egypt and India reached US$3.6 billion in 2015; Egypt’s exports to India hit US$1.5 billion while Indian imports to Egypt were estimated at US$2.1 billion.

Around 50 large Indian firms work in the Egyptian market with total investments worth US$3 billion.

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