India to participate in Egypt Economic Conference This Week
A large business delegation from India will participate in Egypt’s economic conference this week to explore opportunities in the most populous Arab country.
India’s Ambassador to Egypt Navdeep Suri will lead around 43 people, comprising representatives from 25 Indian companies in addition to a delegation from the Confederation of Indian Industry ( CII) for the Economic Development Conference (EEDC) scheduled for March 13-15 in Sharm el-Sheikh city.
The representation will cut across sectors and will include the petro-chemicals giant TCI Sanmar, the Egyptian Indian Polyester Company (EIPET), Tata Sons, Kirloskar Brothers Ltd, Ranbaxy Pharmaceuticals, Galaxy Chemicals, Essel Propack and Olam International, among others.
The companies include those that already have a presence in Egypt as well as those looking for investment opportunities such as Maruti Suzuki, Godrej consumer products, Aptech, and Shapoorji & Pallonji etc.
Indian companies are keenly interested in exploring opportunities in renewable energy, Information Technology, Engineering, Automobiles, Irrigation, Petrochemicals etc.
Expressing his commitment to strengthening relations with Egypt, Prime Minister Narendra Modi had congratulated President Abdel Fattah el-Sisi in organising the conference in a message on February 7.
He said: “India attaches high importance to relations with Egypt. Our two countries enjoy close and friendly relations, which have been further bolstered by our growing trade and investment ties in recent years.
“I am sure that the Conference will attract participation from a large number of Indian companies, which will lay the foundation for further enhancement in our bilateral economic relations.”
India and Egypt have a strong economic relationship that has grown despite the global economic downturn.
Between 2008-09 till 2012-13, bilateral trade grew by 30 per cent and now stands at close to USD 5 billion.
India is Egypt’s sixth largest trading partner overall, the 2nd largest export destination for Egypt and the 11th largest source of imports.
Principal export times from India to Egypt include mineral fuels, automobile parts, meat and meat products, electrical and machinery products, and cotton while India imports crude oil, rock phosphate, cotton, chemicals and oil seed.
Source: Economic Times
