ICEC

Egyptian mission flies tomorrow to New Delhi among Sisi’s visit to India

A mission from Egyptian-Indian Business Council is set to fly to the Indian capital, New Delhi tomorrow to participate in President Abdel Fattah al-Sisi’s visit to India. The visit is set to start from 1-3 September 2016.

Head of the Egyptian side at the council, Khaled Abu El Makarem told Amwal Al Ghad Tuesday that the delegation would encompass representatives of 12 Egyptian firms working in different sectors.

During the visit, the fourth round of council’s meetings is scheduled to be held on Thursday September, 1 to be followed by bilateral meetings, the official added.

Abu El Makarem, also the head of Egyptian Chemical Export Council (CEC), clarified that the meeting would discuss a number of agreements as well as investment projects submitted by the Indian side notably the project of building integrated medical city.

The medical city is planned to be established in New Administrative Capital City on the space of 350 feddans among the first phase then to be expanded to 600 feddans.

The official pointed out that the council with its two sides would discuss building an Indian university in Egypt.

The council is set to witness the signing of partnership agreement between India’s Lava International Ltd and one of Egyptian businessman on establishing a plant for manufacturing mobiles and electronics.

The visit would also witness inking agreements on establishing factory for agricultural tractors and auto rickshaws (tuktuk) in addition to another projects in petrochemicals field.

The Indian-Egyptian business council is set to discuss means of attracting Indian tourism to Egypt, boosting number of Indian tourists coming to Egypt, in addition to raising the number of flights between Egypt and India, Abu El Makarem noted.

On other side, the total volume of Indian investments in Egypt is estimated at US$3 billion through 52 Indian firms working in fields of petrochemicals, ready-made clothes, and food industries. 25 of the 50 firms have been founded in cooperation with Egyptian companies.

Furthmore, head Abu El Makarem stated that trade exchange between Egypt and India dropped in 2015 to less than US$4 billion due to imposing custom fees on imported Indian raw materials.

Moreover, The CEC targets boosting Egypt’s foreign trade volume with India to around US$8 billion within three years, chairman Abu El Makarem pointed out .

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