Indian industrial delegation chief stresses increasing investments with Egypt
Visiting Indian industrial delegation chief Rahoul Bajaj voiced optimism over the positive outcome of the delegation's visit to Cairo, stressing the importance to up joint investments and trade exchange between the two countries.
Bajaj said the level of Egyptian-Indian cooperation is not up to the ambitions of both countries' leaders who always encourage joint ventures and trade cooperation.
"The globalization challenges necessitate that developing countries should buttress trade and economic cooperation to reach a balance with the major economic blocs," said Bajaj, calling for setting up economic blocs among some emerging developing nations like Egypt, India, Malaysia, Indonesia and Taiwan.
"Egypt has been one of India's important trade partners in the African continent," he said, adding the total volume of trade between the two countries last year hit $ 536.46 million against $ 385.61 million in 2000.
"Total Egyptian exports to India hit $ 252.13 million last year against $ 156.17 million in 2000 while Indian exports to Egypt reached $ 284.33 million vis-a-vis $ 229.44 million in 2000," he said.
Bajaj said his country ranks 12th among countries investing in Egypt with total investments of $ 330 million in 32 projects.
Minister of Industry Aly Al Sae'di said that the Egyptian-Indian industrial cooperation has many fields including manufacturing agricultural equipment, oil pumps, equipment of recycling farm waste and light means of transport.
The Minister, in a meeting yesterday attended by the visiting delegation and members of the Federation of Egyptian Industries (FEI), said the investment climate in Egypt improved for luring foreign investments.
On his part, Abdel-Monem Saoudi, FEI Chief, said Egypt-India cooperation is fruitful in several fields, adding the upcoming period will see an increase in the volume of joint investments and ventures in the field of light transport and benefit from India's experiment in this domain.
He referred to other ventures in the fields of electronics, textile industries, pumps, agricultural machines, agro-waste recycling equipment and electric-powered vehicles of limited use.
Saoudi urged the private sector to launch investments and joint ventures between the two countries.