In a visit to India will start Monday night, the Egyptian president, Dr Mohamed Morsi, is going to witness the inauguration of the Egyptian Indian Business Council, which includes a number of both countries’ businessmen so as to enhance the cooperation between India and Egypt and starting the joint ventures by which the volume of trade exchange could be boosted, as well as transferring the technology and utilizing the accumulated experience in Egypt and India.
President Morsi will give a speech Wednesday morning in the Egyptian Indian Economic Forum, in the presence of the Egyptian Ministers of Tourism, Industry and Trade, and Investment.
Some Indian businessmen will have meetings with the Egyptian President to look into the facilities that Egypt provide for the foreign investments, and the advantages given to the investors.
The businesswoman Salwa Abdel Aziz Hussein will head the Egyptian side of the Egyptian Indian Business Council.
The Egyptian Ministers, who accompanied President Morsi to India, will also make speeches during the forum, along with the Chairman of the Industrial Development Authority (IDA), Mohamed El Garf. On the other side, Anne Komara, Head of the Federation of the Indian Chamber of Commerce and Industry (FICCI) will deliver a speech, in addition to some other Indian officials and owners of companies operating in Cairo.
Furthermore, President Morsi will witness signing a number of memorandums of understanding in the fields of trade, energy and information technology during the economic forum.
The volume of trade exchange between Egypt and India is $4.5 billion throughout the past 9 months, and expected to reach $ 5.5 billion within a year.
Bilateral trade has increased significantly in the recent years in spite of the political transition and currently stands at $ 5.5 billion.
India is Egypt’s 7th largest trading partner and second largest source of its exports. More than 50 Indian companies have presence in Egypt in various sectors and the cumulative Indian investments in Egypt are more than $ 2.5 billion.