Indian companies invest $170mln in Egypt in 6 months

Indian companies have invested around $170 million in Egypt during the past six months said the Egyptian Prime Minister Moustafa Madbouly on Saturday.

According to Madbouly, Indian companies are mainly investing in the green hydrogen and electric vehicles sectors.

He further added that Indian investments account for around $3.5 billion in Egypt, adding that the country is looking forward to further Indian investments.

He also pointed out to the fact that trade exchange between Egypt and India reached around seven billion dollars, and could increase to $12 billion over the coming five years.

Madbouly also said that the trade exchange between the two countries include strategic commodities, especially with India becoming one of the main countries to supply wheat to Egypt.