PTI

Egypt beckons Indian investment in oil, gas sectors

9 April 2008

New Delhi (PTI): Noting that Africa has "limitless" resources, Hydrocarbon-rich Egypt has invited Indian investments in oil and gas sectors for mutual benefit. Visiting Minister of International Cooperation Fayza Abou El Naga also disagreed that India and China were competing in Africa, saying the two countries were complementing each other which was beneficial for all sides.

"Egypt provides unique advantage. It is among the 10 countries having the largest resources of natural gas," she told reporters here on Wednesday evening after her meeting with Prime Minister Manmohan Singh. ONGC and Essar already have presence in Egypt but there are more opportunities, she said, asking the Indian companies to explore the possibilities. Egypt is committed to extend maximum facilities and cooperation to Indian companies to work in oil and natural gas sector in that country.

A high-level team of Egyptian Investment Authority will be visiting New Delhi on April 18 to give detailed presentation on the opportunities existing in that country, said Naga, who was here to attend the first India-Africa Forum Summit as personal representative of President Hosni Mubarak.

The Egyptian Minister sought greater cooperation between the two countries in all other sectors, particularly agriculture, textiles, IT and pharmaceuticals. "There is no sector not available for India," she said.

Citing the "unique" geographical position of Egypt, she said Indian companies can set up businesses in that country which could cater to bigger markets of Europe and Arab.

Naga said the Egyptian President, who has not visited India for the last 23 years, is likely to come here shortly.

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