India-Egypt Working To Facilitate Cooperation Between 2 Economies: Egyptians Prez

Indian and Egyptian governments are working to facilitate cooperation between the two economies, said Abdel Fattah El-Sisi, President of Egypt on Wednesday. 

While speaking at an event in India, he said that both India and Egypt are working to facilitate cooperation between the two countries. 

“We want to bring more Indian investments into our markets and will support the companies. That was my guide to the ministers to help companies fill the gaps in the markets,” he added.

El-Sisi stated that Egypt is working to build an economy that is at global levels of efficiency and creating an environment that is suitable for foreign and international companies. 

"New economic zones that are located strategically are being launched including the Suez Canal economic zone which is one of the most important economic zones in the world," the leader added. 

He also said that the world supply chain will be secure if we cooperate, especially because more than 12 per cent of global trade moves through the Suez Canal. 

Highlighting the potential sectors for investment, President El-Sisi said, we welcome Indian companies to invest in Egypt and make it a launch pad for Indian products to the local and global markets as we are ideally located to access both European and Arab markets. 

"We look forward to cooperating with Indian companies in the manufacture of medicines and pharmaceutical products. We have plans to improve our ability to produce renewable energy and to give more opportunity for investment in this area, especially in solar energy and wind energy and other sources of renewable energy," he added. 

We have signed several MoUs, especially with Indian companies to make Egypt a hub for producing green hydrogen and become the green hydrogen capital of the world. 

Notably, IT sectors and communications are very important for the Egyptian economy, it has grown by 60 per cent and Egypt is really supporting this sector with financial and other direct and indirect support. 

The President added that the country is also looking at AI solutions for the problems that we are facing.

Meanwhile, Union Commerce Minister Piyush Goyal said India is targeting USD two trillion in exports by 2030, equally divided into merchandise and services. 

Goyal said that India has invited Egypt to participate as a guest country in the G-20 meetings during its presidency which is a testament to the high priority India attaches to its relations with Egypt.