Al Ahram Al Messai, p.10, (25-2-2007)

New potentials for the Egyptian-Indian cooperation: Indian companies seek to step up their investments in Egypt

Dr. Mohammed Hegazi, The Egyptian Ambassador to India, said the expanding potentials of the Egyptian-Indian cooperation have created many investment opportunities for businessmen on both sides. The coming stage, he said, will see more bilateral meetings at the political and economic levels.

Ambassador Hegazi delivered a speech yesterday at a symposium on the Egyptian-Indian relations organised by the Indian Marketing and Management Institute, New Delhi. He said, “The economic and political reform process currently led by President Mubarak aims at satisfying the needs of the Egyptian society and raising the standard of living for the Egyptian people, in addition to catching up with the recent developments at the international arena”.

The two countries, he added, wish to open up new channels of cooperation, especially in the fields of trade and investments. This process was strongly pushed forward over the recent few months as several cooperation agreements and MoUs have been signed between the two countries during the meetings of the Egyptian-Indian joint commission held in New Delhi last December and presided over by the foreign ministries of the two countries.

Egypt welcomes Indian investors in all fields, Dr. Hegazi asserted, indicating that the investment law currently in force has created a suitable atmosphere as it allows foreign investors to possess projects and to transfer capitals and profits and it grants them some privileges.

He said the Egyptian modern infrastructure in communications and transportation and its energy resources have recently encouraged several Indian companies, including Tata, Birla, Essar, Wipro, and Satyam, to step up their investments in Egypt, indicating that the Indian investments span over the steel, software, fertilizers, oil and gas exploration, textiles and tourism industries.

The Indian investments in Egypt, he added, which are estimated at about $650 million, are increasing and expected to reach $1.7 billion by the end of the year with the completion of the projects currently being planned.

Egypt and India, he said, were always keen to hold consultations on major international and regional issues and to encourage initiatives aiming at deepening dialogue between various civilizations and religions in order to achieve peace and stability all over the world.

The coming stage will witness a boom in tourism between the two countries after the cooperation protocol recently signed between Egyptian travel agencies and Indian counterparts to organise group tours, he said.

Notably, a large number of Indian government officials, academicians and media members participated in the symposium.