Egypt, India discuss startup forum to deepen investment ties
Indian delegation of more than 150 companies to visit Egypt to explore investment opportunities
Egypt and India are discussing the establishment of a joint startup forum to promote investment partnerships and exchange expertise, as Cairo seeks to benefit from India’s experience in innovation and entrepreneurship, Egypt’s Planning Ministry said on Sunday.
Planning and Economic Development Minister Ahmed Rostom discussed the proposed Egyptian-Indian Startup Forum with Indian Ambassador to Egypt Suresh K. Reddy, alongside opportunities to expand cooperation in innovative financing and support for startups.
The proposed forum would provide a platform for entrepreneurs and young professionals in both countries to exchange expertise and develop investment and business opportunities, the ministry said.
Rostom praised India’s experience in digital infrastructure and building an innovation ecosystem, saying Egypt was keen to benefit from its financing mechanisms and policies supporting startup growth.
He said entrepreneurship was a key driver of sustainable economic development through job creation, innovation and higher productivity, adding that the government had made the sector a priority.
Through its ministerial group for entrepreneurship, the government is working on a plan to develop the sector, encourage the emergence of billion-dollar companies, launch initiatives targeting students and researchers, and improve access to financing, Rostom said.
He also reaffirmed Egypt’s commitment to economic reforms designed to maintain stability and create a favourable environment for domestic and foreign investment. Indian companies could benefit from Egypt’s geographic position and investment incentives across several sectors, he added.
Reddy said India had more than 240,000 startups and described Egypt as a regional hub for Indian companies seeking to expand into African and European markets.
He called for fintech companies and digital solutions providers, including the National Payments Corporation of India (NPCI), to be included in an upcoming Indian business delegation to Cairo to explore potential partnerships.
Preparations were underway for a high-level delegation comprising more than 150 Indian companies to visit Egypt and assess investment opportunities and the country’s economic reform experience, the ambassador said.
Indian companies have invested nearly $5 billion in Egypt across around 55 factories, providing more than 35,000 jobs, Reddy said. He added that exploratory visits by Indian business leaders had generated interest in further investment.
Reddy invited Rostom to visit India to learn about its Vision 2047 development strategy, which aims to transform the country into a developed economy by the centenary of its independence in 2047.
He also invited Egyptian representatives to attend an annual conference on developing India’s startup ecosystem organised by the National Association of Software and Service Companies (NASSCOM).