Egypt, India to augment trade cooperation, investments
Egypt-India, Economics, 5/23/2002

Egypt's President Hosni Mubarak yesterday discussed Egypt's economic ties with India during a meeting with an Indian business delegation currently visiting Egypt.

Present at the meeting were Egypt's Minister of Foreign Trade Youssef Boutros Ghali and the Indian envoy in Cairo Sitnam Jit Singh.

The delegation includes chief executives of giant Indian companies in the fields of automobile manufacturing, heavy machinery, pumping stations, furniture and Information Technology. The delegation's talks with Egyptian officials focused on building an automobile factory in Egypt and marketing its products in Arab and African markets.

Ghali told reporters following the meeting that the visit of the Indian team to Cairo aimed at reviewing prospects of joint investments and trade cooperation.

"During their meeting with the President, the Indian delegation discussed promoting bilateral ties in many fields, including information technology, automobile manufacturing and training," said Ghali.

He estimated the volume of Indian investments in Egypt at one billion US dollars, which cover existing investments as well as factories and companies under construction.

Ghali said Indian businessmen estimate their investments in Egypt to double within the coming few years.

"Indian businessmen seek to make use of Egypt's distinguished geographic location and its free trade agreements with Arab and African countries as well as with the European Union," he said.

He added that Indian investments in Egypt would offer Indian businessmen a golden opportunity to enter the markets which accord Egypt preferential treatment in accordance with free trade agreements.

"President Mubarak is giving special attention to the promotion of ties with India," the minister said.

He added that the two countries have formulated several agreements for joint training programmes as well as a comprehensive programme to develop IT industry in Egypt.

Ghali said that though the volume of Egyptian exports to India was still below expectation, the exports increase by 10-12 per cent every year.

"Yet this increase is still unsatisfactory," he said, adding that Egypt was keen to increase exports to India between 20-30 per cent annually.

Chief Indian delegate, speaking to reporters with Ghali, said that the meeting with the Egyptian leader has given strong impetus to the two countries' economic and trade ties.

He said that Mubarak has voiced support to cooperation projects between Egyptian and Indian businessmen.

Previous Stories:
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  Egypt,India start talks on preferential trade agreement   (1/12/2002)
  India, Egypt boost bilateral economic cooperation   (3/20/2001)

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