Al Ahram, p.23, (22-5-2008)

The Indian Minister of Commerce: Indian investments of $4 billion in Egypt within 3 years

The Indian Minister of Commerce and Power Jairam Ramesh said his country seeks to become the largest investor in Egypt, expecting the Indian investments in Egypt to rise to $4-5 billion within the next 3 years, making India the 5^th largest investor in Egypt. India currently occupies the 11^th rank with investments of $700 million.

During his meeting with Indian and Egyptian businessmen interested in the tea industry in the presence of the Indian Ambassador in Cairo, Ramesh said he has participated in the World Economic Forum held in Sharm Al Sheikh where he met the Prime Minister Dr. Ahmed Nazif and the Ministers of Trade, Industry, Finance and Energy, and discussed the means of developing economic cooperation between the two countries. The strong political relations between Egypt and India will pave the way for activating bilateral economic relations, he said expecting the next 5 years to witness a new stage of partnership between the two countries.

India is Egypt's largest trade partner after the US, Italy and Saudi Arabia. The Indian Minister said within two months, a tea-promotion centre will be established in Egypt. He expected Indian tea exports to Egypt to rise to 8-10 million kg during current year. On his part, Chairman of the Tea Board of India B. Banerjee, said Egypt is a major importer of the Indian tea as it is the biggest tea consumer throughout the world.

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