New delhi: Minister of Foreign Affairs, Emigration and Expatriates Badr Abdelatty met with President of the Federation of Indian Chambers of Commerce and Industry (FICCI) Harsha Agarwal at the federation's headquarters. Abdelatty discussed the current landscape of Indian investments in Egypt, which stand at $4 billion, with approximately 55 Indian companies operating in the nation.
According to State Information Service Egypt, Abdelatty highlighted Egypt's interest in bolstering cooperation with India, focusing on sectors such as food security, telecommunications and information technology, healthcare and pharmaceuticals, water desalination, renewable energy, textiles, the automotive industry, and chemical industry. He emphasized a commitment to fostering industrial integration with Indian companies to establish successful partnerships and position Egypt as a gateway to global markets.
Abdelatty detailed Egypt's strategic advantages, which include access to markets in Arab, African, European, and Latin American regions, as well as Turkey, facilitated by a network of free trade agreements with various countries and economic blocs. He outlined the Egyptian government's efforts to cultivate a competitive and appealing investment climate for both domestic and foreign investors.
The Egyptian Foreign Minister emphasized the importance of transparency, a supportive institutional and legislative framework, an improved business environment, and simplified procedures to address challenges faced by investors. He also noted efforts to enhance the role of the private sector as a vital partner in development, referencing agreements such as the Agreement on the Promotion and Protection of Investments and the Double Taxation Avoidance Agreement between Egypt and India, which provide distinct advantages for Indian companies investing in Egypt.
Additionally, Abdelatty expressed readiness to convene a forthcoming meeting with the heads of Indian companies operating in Egypt, with the involvement of relevant technical ministries. The meeting also reviewed the outcomes of the strategic partnership agreement between Egypt and India, particularly regarding cooperation on the trade of essential goods to enhance food security and mitigate the global food crisis's impact.
The Minister underscored the importance of expanding cooperation and investments in these areas for the mutual benefit of both countries.