Al Ahram Al Massaai, P.2 (12-8-2008)

In a press conference, the Indian Ambassador:

The Indian investments in Egypt to jump to US$ 2 billion within the next two years

By: Tarek El Senoti

The Indian Ambassador to Egypt Mr. A. Gopinathan confirmed that the volume of the Indian investments in Egypt is currently (2007-2008) around US$ 750 million and they are established in different fields, such as IT and chemicals. He indicated that these investments are expected to reach US$ 2 billion within the next two years.

During a press conference held yesterday on the occasion of the anniversary of the Independence Day of India, Mr. Gopinathan said that trade exchange between the two countries has witnessed remarkable growth during the last few years. He indicated that bilateral trade between India and Egypt registered US$ 2.54 billion out of which US$ 1.89 billion for petroleum exports from Egypt to India. These figures imply an increase by 40.62% compared to the same period over the financial year 2006/2007.

The Indian Ambassador said that the number of Indian tourists, who visited Egypt in 2007 reached 81,000 with a 35% increase compared to the year 2006 in which 61,000 Indian tourists visited Egypt.

He added that India and Egypt closely cooperate in international multilateral forums, such as the UN and its different agencies, the International Monetary Fund (IMF), the World Bank and other. Recently, the two countries strongly cooperated during the latest round of the talks of the World Trade Organization (WTO).

With regard to the possibility of establishing an Indian industrial zone in Egypt, the Ambassador of India indicated that the idea is being considered to be implemented in the future. He highlighted that it is very difficult to implement this idea with the already existing Indian plants and companies, as they are spread in different parts of Egypt, such as Alexandria, Ismailia and Port Said.  This is a part from other factors, such as the availability of resources and services, such as raw materials and electricity and water supplies.

Regarding the Indian meat exports to Egypt, Ambassador A. Gopinathan indicated that the press reports, which were published against Indian meat exports, are totally baseless and untrue. He added that he has received assurances from the Indian meat authorities that the Indian meat is of high quality and meeting the specifications. Moreover, the Egyptian companies, which import Indian meat, are satisfied with the quality of the Indian meat. With the advent of the holy month of Ramadan, more strict measures are being taken by the Indian meat exports companies to ensure providing high-quality meat to the Egyptian market with enough quantities.