Morsi’s Visit To India Will Open New Economic Cooperation Horizons: Hatem Saleh

Bilateral talks between the Egyptian Minister of Industry, Eng. Hatem Saleh, and the Indian ambassador to Cairo, have been held to look into the ways of developing the joint economic, commercial and investing relations and the significance of opening new horizons so as to boost the intra-trade during the coming period.

The minister said the meeting discussed the arrangements of President Morsi’s visit to India in mid-March; topping a delegation of Egyptian businessmen. The visit represents a big opportunities to sign partnerships between the Egyptian and Indian businessmen, and to attract more Indian investments to the Egyptian market; especially in the fields of chemical industries, cars, information technology, engineering industries and textile.

The talks stressed the necessity of reactivating the role of the joint Egyptian Indian Business Council, as Egypt has reshaped lately the Egyptian side of the council; looking forward to starting the work in the council during the President’s visit to India.

Saleh has confirmed that the joint commercial committee between the two countries will be held next week in Cairo for discussing a number of significant issues; like forming working groups to resolve the problems between the two countries, study the development of the commercial and economic cooperation and to promote the joint cooperation; particularly in the field of small and medium entrepreneurs (SMEs).

For his part, the Indian ambassador to Cairo affirmed that his country keens on supporting the economic and commercial cooperation with Egypt, under the prospective visit of President Morsi. This visit is expected to start new joint relations between the two countries. A large number of Indian investors are seeking to invest in Egypt in the Egyptian exports, while the Indian investments in Egypt amount to $ 500 million through 320 Indian firms in the Egyptian market.  forthcoming period and utilizing the distinguished commercial relations between Egypt and India, the ambassador said.

It is worth mentioning that the volume of commercial exchange between the two countries reached $ 3.204 billion during the first nine months of 2012; divided into $ 623 million