Indian investments in Egypt to record $6bn in three years

India-Egypt Business Council agreed to double Indian investments in the Egyptian market to record US$6 billion within the coming three years.

Head of the Egyptian side at the council, Khaled Abu El Makarem stated Monday that a number of contracts on establishing large projects have been inked on the sidelines of the 4th India-Egypt Business Council Meeting that took place from 1-4 September.

The official added that the council with it both sides met with Egyptian President Abdel Fattah al-Sisi on the sidelines of his visit to India. During the meeting, Sisi invited Indian investors to invest in Egypt.

Abu El Makarem clarified that Egyptian and Indian sides are set to establish a touristic project in Ras Sedr on the space of 1.2 million metres to attract Indian tourists to Egypt.

Moreover, the Indian side suggested to build a comprehensive medical city in the New Administrative Capital City while the Egyptian side suggested to build it in the economic zone of Suez Canal axe, the head noted.