India lining up for $6bn investment boost in Egypt by 2020

Indian firms are keen on boosting investments in Egypt to reach $6 billion within 2020, Khaled Abu El Makarem- head of the Egyptian-Indian Business Council- announced Wednesday.

The business community can benefit from President Abdel Fatah al-Sisi’s visit to Asian countries in improving investment and trade relations with these countries, Abu El Makarem told Egypt Today.

There are 50 Indian companies currently operating in Egypt with $3 billion in investment. Meanwhile, there are three giant Egyptian companies operating in India in the fields of electrical meters, paints and isolators.

Abu El Makarem further mentioned in the latest statement that another Indian firm is looking forward to inject $300 million to boost its production of caustic soda, while another company wants to invest $1.5 billion to produce 135,000 tons of calcium chloride granules.

Potential Indian investments in Egypt were discussed in a meeting held Wednesday between Minister of Investment Sahar Nasr and Indian Ambassador to Egypt Sanjay Bhattacharyya at the ministry’s headquarters in late June.

At the end of July, New Delhi-based Classic Fashion clothing company is planning to launch new fabric projects in the Egyptian market with one billion pounds in capital, Minister of Industry Tarek Kabil said at that time. Source: Egypt today