Al Ahram, p.24, (16/4/2008)

Al Masri Al Youm, p.11, (16/4/2008)

Al Masaya, p.1, (16/4/2008)

Al Alam Al Youm, pp.1&5(16/4/2008)

Al Akhbar,p.4, (16/4/2008)

Rashid: a comprehensive framework for economic, commercial and technical cooperation between India and Egypt

By: Mohammad El Hawari

From New Delhi

Engineer Rashid Mohammad Rashid, the Egyptian Minister of Trade and Industry and the accompanying delegation comprising senior officials and businessmen, held extensive talks with Indian senior officials and businessmen regarding boosting bilateral trade and attracting Indian investments to Egypt.

Rashid confirmed that India with its huge population is heading for a massive economic progress during the coming period in addition to an increase in the number of Indian mega projects in different fields.

He said that we are seeking to join the alliance formed between India, Brazil, South Africa and Russia and that we are qualified to do so. In addition, the historical relations between the two counties make it mutual understanding an easy task.

He said that in spite of the high rate of protectionism in India, our experience with different world countries will enable us to interact within a framework of economic cooperation through which we will work on increasing bilateral trade.

The Minister confirmed that we can cooperate with India in major sectors like petrochemicals, iron and steel, fertilizers, infrastructure projects and SMEs.

He noted that the talks held in India aim at reaching an action plan for boosting commercial and economic ties between the two countries, boosting trade, enhancing industrial development, urging technological innovations, transfer of technology, creating a favorable climate for investment and preferential trade through establishing a free trade zone or setting up a framework governing commercial ties between the two countries, removing trade barriers, setting up effective mechanisms related to liberating trade, organizing trades, activating the role of the Egyptian-Indian Business Council, and signing an MOU between the Egyptian Industrial Modernization Center and the Indian side for providing the Egyptian side with the required technical expertise in different fields.

In his meeting with Indian businessmen working in the fields of textile, vehicles, agricultural crops, chemicals, pharmaceuticals, energy, railways, and transportation, he confirmed the importance of interaction between businessmen from both countries. He also encouraged Indian businessmen to make use of the relative advantages of investment in Egypt in view of attracting $ 11 billion in foreign investments last year. He added that the two countries have become more prepared for cooperation and boosting commercial and investments ties for their mutual interests.

Dr. Mohammad Hegazy, the Egyptian Ambassador to India, confirmed that the contact channels between the two countries have increased in recent years and that there are several requests from senior Indian businessmen to invest in Egypt. He added that India is one of the emerging Asian tigers and we have to make the best use of our distinguished ties to achieve more development and economic cooperation in view of the increase of bilateral trade to $ 3 billion.

Abdel Rahman Fawzi, Chairman of Agreements Department at the Ministry of Trade said that talks aimed at removing some trade barriers and solving the problem of fixing certain prices for Egyptian carpet exports to India.

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