Al Ahram, p.15, (24-11-2007)

Ambassador of India in Cairo: huge opportunities for stepping up trade and investments with Egypt

By: Abdel Nasser Arif

Ambassador of India in Cairo Mr. A. Gopinathan asserted that there are huge opportunities for stepping up the volume of joint trade and investments between Egypt and India. The two countries, he added, have been making comprehensive economic reforms since 1991, which enhances the opportunities of economic cooperation in the context of the free market policies adopted by the two countries. In statements to Al Ahram, the Ambassador said that bilateral trade registered more than $2 billion and the Indian investments in Egypt have increased considerably specially in the industrial sector. The Egyptian economy, he said, made high jumps over the last 3 years and these jumps are still continuing, which makes the Egyptian economy one of the best economies in the region and a destination for foreign investments.

Egypt and India, he explained, seek to expand their foreign markets to meet the huge increase in their exports and products, which provides a good atmosphere for establishing joint projects targeting foreign markets. Egypt, he said, enjoys a distinguished geographical location in Africa and the Middle East and has free trade agreements with Europe, Africa and Arab countries, which increases its competitiveness and enhances its opportunities for exporting. Most of the Indian companies seek to invest abroad and Egypt is a preferred destination for Indian investments, the Indian Ambassador in Cairo said adding that holding the "Made In India" show for the first time in Egypt, with 115 Indian companies participating, represents a good opportunity for exploring opportunities of cooperation between Egypt and India in the field of Industry and exchange of information and experiences, specially as India has become one of the major investors in Egypt. He indicated that a show for Egyptian industries could be organised in India. the Indian Ambassador expected a large increase in the number of Indian tourists to Egypt during the coming period since Egypt is seen by the Indian people as a country of distinguished civilisation and culture. The "Made in India" show, he said, will give a strong push to the Indian investments in Egypt and the proposed Indian projects in Egypt will raise the volume of investments, not by millions of dollars, but by billions. Strategic relations between Egypt and India started a long time ago, precisely during the rule of the late president Gamal Abdel Nasser and the late Indian PM Pandit Jawaharlal Nehru, he said adding that a larger partnership is now taking shape, an economic partnership.

With regard to increasing trade and investments with Egypt, the Indian Ambassador said: "The volume of trade exchange between India and Egypt increased from $650 million in 2004-2005 to $2 billion in 2006-2007 with the Egyptian oil exports to India accounting for $1.5 billion. Organising such events helps promote bilateral trade exchange. The Indian investments in Egypt stepped up from $350 million in 2004-2005 to $750 million in 2006-2007. These investments are expected to rise to $2 billion by 2008-2009.